GREENVILLE, S.C. - Former Carolina Investors chairman Earle Morris was sentenced Friday to a total of 80 years in prison for misleading investors to keep them from taking money out of a failing company, which resulted in the state's largest-ever bankruptcy.

However, Morris, a former lieutenant governor and ex-state comptroller general, will serve less than four years because the sentences will run concurrently.

A jury found Morris guilty of 22 counts of securities fraud Thursday. Defense lawyers asked that he be allowed to remain free on bond during his appeal.

Morris faced up to five years in prison on each count for a potential maximum sentence of more than 200 years behind bars and more than $1 million in fines. The crimes have no minimum sentences.

He was sentenced Friday to 44 months on each of the first 21 counts and 36 months on the last count.

More than 8,000 investors lost $278 million when Carolina Investors went under in 2003. The other investors will get 18 cents back for each dollar invested as part of a civil settlement.

Morris, 76, testified in his own defense and said he was sorry so many people lost so much money.