Elderly Tucson couple convicted of defrauding investors out of $5M

TUCSON, Ariz. (AP) - Federal authorities say a Tucson couple who ran a software company have been convicted of defrauding investors out of about $5 million.

Prosecutors say 73-year-old Michael Feinberg and his 80-year-old wife Betsy Feinberg were convicted by jurors Friday after a trial in U.S. District Court in Tucson.

According to evidence presented at trial, the Feinbergs' company, Catharon Software, promised investors and philanthropists enormous returns. Their self-proclaimed revolutionary software called VDelta also was supposed to give people the ability to create programs without having to be a programmer.

Prosecutors say the couple made false promises about the software's completion date, release date and capabilities for 15 years.

The Feinbergs reportedly used investor money for an array of personal expenses, including their mortgage.

The two are scheduled to be sentenced on June 15.