MADISON, Wis. -- A man accused of defrauding more than a dozen investors out of $4 million was sentenced to 12 years and two months in prison Wednesday.

David J. Yeazel, 40, was indicted on 46 counts but pleaded guilty to only one count of money laundering as part of a plea agreement.

U.S. District Judge John Shabaz ordered Yeazel to pay more than $3.5 million in restitution to his victims. Shabaz said it was one of the most serious fraud cases in the state's history.

Yeazel told people he would invest their money through a Merrill Lynch cash management account. U.S. Attorney J.B. Van Hollen said Yeazel was never affiliated with Merrill Lynch.

Yeazel spent some of the money to build his $2.6 million home in Verona.