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LAKE OSWEGO, OR (KPTV) – A former Lake Oswego financial advisor was sentenced to three years in federal prison Monday for defrauding clients at his investment firm, the U.S. Attorney’s Office in Oregon says.

Shayne Kniss, 43, was also ordered to pay more than $529,000 in restitution to his victims.

According to court documents, Kniss founded Iris Capital in October 2010 and offered real estate-based investments in several different funds to advisors.

Through various means, including brochures, private placement memoranda, emails, and personal presentations, the attorney’s office says Kniss misrepresented how he would manage investor funds.

According to the attorney’s office, 47 people between February 2011 and April 2013 invested approximately $4.3 million in Kniss’ funds.

Kniss commingled investor money among the funds, used new investments to make payments to prior investors, and used more than $500,000 for personal use, including investing in a retail marijuana enterprise, the attorney’s office says.

Kniss in May last year pleaded guilty to one count of wire fraud. In court Monday, he was sentenced to 36 months in federal prison and three years of supervised release.

Copyright 2019 KPTV-KPDX Broadcasting Corporation. All rights reserved.

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