FRAUD: Ex-Ithaca accountant misuse $1.5M, prosecutor says

Over the course of a decade, prosecutors say, Bruce Kane tapped into $1.5 million out of $10.5 million from investors that included his friends and neighbors so he could "live a life of royalty."

Kane, a 62-year-old former accountant from Ithaca, used his investors' money to rent a waterfront condominium in Florida and spend thousands on a boat, among other luxuries, according to the U.S. Attorney's Office. As a result, prosecutors say, investors lost big on family-owned businesses, personal and medical expenses and retirement accounts.

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