A former McKinney pastor who stole $23 million from the elderly and used it to pay for luxury cars and extravagant vacations has been sentenced to 68 years in prison, according to state prosecutors.

Timothy Lloyd Booth, 59, of Plano set up a fake internet advertising company in about 2013 called Stamedia, Inc., and sought investments — mainly from seniors — promising them a 9 percent return, according to prosecutors.

He said their investments, which for some people was their entire life savings, were backed by a patent worth up to $85 million.

A receiver, appointed by the court after the indictment to oversee any possible assets, determined that the patent was worthless, said Tina Lawrence, assistant director with the Texas State Securities Board who acted as a special prosecutor.

Timothy Lloyd Booth, 59, of Plano, set up a fake internet advertising company and sought investments mainly from seniors promising them a 9 percent return. He was sentenced to 68 years in prison on May 23, 2018. (Collin County Court / Collin County Court)

After a three-day trial in Collin County District Court, Booth was found guilty Wednesday of theft and securities fraud.

Booth had been a pastor at the Way of Grace Church in McKinney before it closed in 2016, about the same time law enforcement officials executed a search warrant at Booth’s church office. The church closure was unrelated to the investment fraud, and none of the church members were victims, Lawrence said.

But between 2014 and 2016 more than 50 people, mainly from Texas, gave money to

with amounts ranging from $25,000 to over $500,000. In court, victims testified that they had to forego medical treatments due to a lack of money and some said their entire life savings were depleted.

Booth was indicted in 2016 in connection with collecting $6.3 million from North Texans. But overall he was charged with defrauding people across the state of $23 million.

The money was used to lease Maseratis, Ferraris

Lamborghinis, and take his family on trips to places like Cancun, Hilton Head, New York City and Vail, according to a news release from the securities board.

Booth's wife, Cammie, also was indicted in 2016. She was charged with six counts of making a false statement to obtain property or credit, including a Mercedes. Her case is not related to the investment fraud, Lawrence said. Her trial date is Oct. 8.

Staff writer Karen Robinson-Jacobs contributed to this report.