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A North Carolina man convicted of running the $40 million Black Diamond Ponzi scheme was sentenced Wednesday to 50 years in prison for what prosecutors called “the worst financial crime in this district in memory.”

Tim Newman, the former chief executive of the Charlotte Regional Visitors Authority, was charged with DWI and hit-and-run Tuesday night.

A 61-year-old man is expected to spend the rest of his life in jail after being convicted Wednesday of child sex and other offenses.

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