Virginia Beach Investment Advisor and Williamsburg Attorney Sentenced for $25 Million Nationwide Investment Fraud Scheme | USAO-EDVA

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NORFOLK, Va. – A former Virginia Beach investment advisor was sentenced today to 35 years in prison, following last week’s sentencing of his Williamsburg-based attorney to 10 years in prison, for their roles in a nationwide investment fraud scheme that resulted in over $25 million in losses to more than 300 victims, most of whom were elderly.

“These defendants and their co-conspirators are responsible for orchestrating an extraordinarily serious nationwide scheme to defraud hundreds of investors out of over $25 million,” said Raj Parekh, Acting U.S. Attorney for the Eastern District of Virginia. “Driven by their voracious greed, the defendants preyed on the elderly and exploited the trust of vulnerable victims by robbing them of their hard-earned retirement funds and lifelong savings meant for their families. The financial harm that they caused to each victim is heartbreaking, and the emotional harm they inflicted is…

Read full article at www.justice.gov