Vance Moore II previously pleaded guilty for his role in October of last year to one count of wire fraud conspiracy and nine counts of wire fraud.
Moore conspired with Walter Netsch between 2005 and January 2008 to trick investors into putting their capital in the ATM scheme, which claimed the machines were in numerous locations across the US.
However, more than 90 per cent of the 4,500 cash machines did not exist or were owned by other parties, the filing explained.
Investors were deceived into handing over funds as they were promised revenue streams from ATM withdrawal charges.
Preet Bharara, Manhattan US attorney, said: âVance Moore created an elaborate scheme to deceive investors, and he continued to lie when questions were asked. Todayâs sentencing is another reminder that those who engage in Ponzi schemes will not go unpunished.
âThis office will continue to work with our partners at the FBI to combat fraud schemes that victimize innocent investors."
Netschi is expected to be sentenced later in the year.