NORRISTOWN, Pa. (CBS) - The man who prosecutors dubbed the “Bernie Madoff of Montgomery County” is headed to state prison for at least three years, for embezzling nearly $900,000 from people who hired him to help them buy businesses.

Two of Robert Krikorian’s victims testified they turned over what amounted to their life savings and their retirement money so they could buy a business and live the American dream.

But the 57-year-old West Conshohocken man was running an elaborate Ponzi scheme, and ripped off 39 victims (see previous story).

Oren Liebermann reports…

Today, the judge sentenced Krikorian (in photo above) to three to seven years in prison followed by 28 years’ probation.

“He’s truly sorry for the pain and hurt that he caused to everybody involved, and I think he’s remorseful and he was contrite in everything he said to the court, and it was truthful and he is deeply sorry for damaging all these people’s lives,” said defense attorney Gregory DiPippo afterward.

Krikorian, who ran Bala Business Services of Bala Cynwyd, told the victims in court that he never intended to steal their money and will work hard after he’s out of jail to repay what he took.

Reported by Brad Segall, KYW Newsradio 1060