An Elkhart man guilty of stealing hundreds of thousands of dollars in a phony investment scheme will have to spend two years in prison and pay restitution. 

As ABC57 reported, Charles Ray Smith pleaded guilty to wire fraud in January. He admitted to tricking four victims into a non-existent real estate scheme, stealing more than $300,000. Instead of investing the money, the US Attorney's Office says Smith used the money for himself and bought a 3,500-square-foot residence. 

Prosecuting documents accused Smith of attempting a murder-for-hire plot to kill the victims involved when he found out about the federal investigation.

Wednesday, United States District Court Judge Damon R. Leichty sentenced Smith to two years in prison, followed by three years of supervised release. Smith is also ordered to pay $315,020 in restitution to the victims.