MINNEAPOLIS — The U.S. Department of Justice is distributing about $16 million to people who were defrauded by a man convicted of leading a multi-billion dollar Ponzi scheme.

Thomas Petters was found guilty in the scheme and sentenced to 50 years in prison in 2010. Investors had thought they were financing the purchase of consumer electronics, but the goods didn’t exist. The money acquired through the scheme supported Petters’ companies and his extravagant lifestyle for more than a decade.

The payments are going to about 360 investors worldwide, Minnesota Public Radio News reported.