A former insurance agent from Clayton, Calif., was sentenced to nearly four years in state prison for his role in a $800,000 Ponzi scheme involving stranger-owned life insurance (STOLI).

Victor L. Weber, 55, was sentenced to three years and eight months in state prison for multiple felony convictions and he was ordered to make restitution to his victims, according to California Insurance Commissioner Dave Jones.

“This former agent used his license and position of trust to steal large sums of money from his victims apparently for his own personal gain,” Jones said in a statement.

Between December 2006 and March 2009, Weber solicited six victims into investing money for the payment of life insurance premiums for unnamed third parties. The investments were supposed to be submitted to the insurance company for the third parties’ premium payments, but instead, Weber diverted the funds for his own use.

Weber, who has remained in custody since he surrendering to authorities June 29, 2010, was doing business as California Covered Risk Insurance and Financial Services (CCR), GEM Funding LLC, Grantor Estates Capital Inc. and Wings of a Dream Foundation.

On December 28, 2010, Weber pleaded guilty to one count of grand theft by embezzlement, one count of unlawful offering or selling of a security, and one count of theft of fiduciary funds.