CLARKSBURG, W.Va. (AP) — A Florida man was sentenced to greater than seven years in federal jail Friday for bilking greater than a dozen traders out of almost $5 million.
Phillip W. Conley of Jacksonville, Florida, was sentenced in federal court docket in Clarksburg for his responsible plea to at least one rely of securities fraud.
Conley, 38, admitted to scheming 18 individuals from 2014 to 2019. The victims have been from a number of states, together with West Virginia.
Prosecutors mentioned Conley’s funding dealer’s license was suspended in December 2015 however that he portrayed himself as an funding adviser. Conley mailed false statements to victims that claimed a optimistic charge of return for his or her investments, though he invested little or not one of the cash.
Instead, he spent a lot of it on personal jet flights, costly meals, garments, jewellery, housing and residing bills for himself. Conley’s victims included small enterprise homeowners together with church buildings in Charleston, Parkersburg and Morgantown, prosecutors mentioned.
Conley beforehand agreed to forfeit property bought from the proceeds of the crimes.
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