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A Phoenix mortgage broker was sentenced to 3 1/2 years in prison after he pleaded guilty to bilking four seniors of more than $400,000.

Rick Thomas McCullough, 36, will also serve seven years probation and pay $343,811 in restitution, Attorney General Terry Goddard announced Monday.

As president of licensed mortgage broker CactusCash Inc., McCullough persuaded two single women and a couple to refinance their homes for amounts greater than the balance of their existing mortgages.

McCullough also persuaded all four victims to invest their net refinancing proceeds with him, saying he would put their money in real estate and personally guarantee the loans. McCullough said he would pay monthly installments to the victims, but he spent the money on personal items instead, including a $42,000 ring for his wife, according to the attorney general.