A New Jersey man who organized a Ponzi scheme cheating 37 customers through fake investment offers will spend 20 years in prison and will repay his victims $8 million.

An Island Heights, N.J., man told investors he would put their money in life insurance policies, but instead put some of it in his own pockets, cheating dozens of clients out of $6 million.

A New Jersey man and three of his businesses named as defendants in a lawsuit by the state attorney general’s office over an alleged Ponzi scheme will pay $7 million in restitution and another $220,000 in civil penalties.