LEXINGTON, South Carolina (AP) — A former top executive of a mortgage lending company was sentenced to 20 years in prison after defrauding 8,000 investors out of millions of dollars in one of South Carolina's biggest bankruptcies.Ronald Sheppard, 49, was found guilty of securities fraud, conspiracy, and obtaining property by false pretences in the failure of HomeGold and its subsidiary, Carolina Investors. Investors lost around $275 million when the companies collapsed in 2003.

Jurors deliberated less than two hours after a three-week trial during which Sheppard was described as a manipulative, demanding boss who spent lavishly.

The defencee had unsuccessfully tried to cast Sheppard as a "shrewd businessman," who, while aggressive and unpopular, did not make the decisions.

In closing arguments, prosecutor Jennifer Evans asked jurors to remember the investors who lost their life savings, and presented Sheppard as cold and greedy.

"His private words and actions versus his public words and actions say it all," Evans said. "Publicly: 'I'm going to turn this company around.' Privately: 'I'm going to cut and run. ... Screw the investors."'

Evans told jurors the case's complex accounting issues came down to "the good old crime of stealing".

"There was no doubt, no doubt in this case who was in charge," Evans said. "That's a man who knows exactly what he's doing, and he's going to put the people in who do it his way."

Sheppard is the fifth executive of HomeGold or Carolina Investors to plead guilty or be convicted.

Former Carolina Investors president Larry Owen pleaded guilty in July 2004 to 22 counts of securities fraud and is serving an eight-year sentence, while his wife and former Carolina Investors vice president, Anne, pleaded guilty in July and was sentenced to 10 years, suspended to 90 days with five years probation, home detention and electronic monitoring for 18 months.

Former Carolina Investors chairman and former Lt. Gov. Earle Morris was convicted in November 2004 of 22 counts of securities fraud. He was sentenced to 44 months in prison and is out on bond pending appeal.

Former HomeGold chief financial officer Karen Miller pleaded guilty in September to one count of conspiracy and her sentencing has been deferred while she cooperates with the investigation.

One other executive is awaiting trial. Former HomeGold chairman and Chief Executive John "Jack" Sterling Jr. has been indicted on three criminal counts including securities fraud and conspiracy.