At the Nueces County Courthouse Wednesday a New York Financier was sentenced to five years probation and ordered to pay over $1.2 million in restitution to a local elderly woman in relation to a bogus ponzi scheme.

80-year-old Nicholas Baratoff entered a guilty plea in front of Judge Missy Medary.

According to the Nueces County District Attorney's office, Baratoff promised to invest funds for the 89-year-old victim. But prosecutors say instead he used that money to fuel a lavish lifestyle by funneling money to various bank accounts around the world.

Baratoff was not given prison time so he can pay the restitution. During Wednesday's hearing the victim's family spoke to Baratoff in an emotional speech.