NORFOLK, Va. (AP) — A former investment adviser in Virginia has been sentenced for orchestrating an investment scheme that caused his clients to lose millions of dollars.
The Virginian-Pilot reports 49-year-old Roger Odell Hudspeth II was sentenced to more than 10 years in prison Monday. Court documents show Hudspeth was an investment adviser and owner of Dominion Investment Advisors, LLC.
Prosecutors say Hudspeth and others held social security maximization seminars to obtain clients who were often in or near retirement. Hudspeth would steer investors to investment offerings that were highly speculative, illiquid, and high risk by making material misrepresentations and omissions.
A U.S. Attorney’s Office news release says Hudspeth’s clients lost more than $6 million as a result of the securities fraud scheme, and he received more than $700,000 in ill-gotten gains.
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Information from: The Virginian-Pilot, http://pilotonline.com