Va. Man Gets Prison Time for Bilking Investors

By: AP
By: AP

April 25, 2014

ROANOKE, Va. (AP) - A Virginia man has been sentenced to 42 months in prison after pleading guilty to federal fraud charges for bilking investors.

Charles Shomo of Radford pleaded guilty in federal court in Roanoke in February to six counts including mail fraud, securities fraud and money laundering.

Prosecutors say the 63-year-old bilked $645,000 from more than 30 investors in western Virginia between March 2010 and June 2013.

According to court documents, Shomo purported to be an operator of ATMs but none of the investor funds were ever used for that business. The funds were instead used for personal expenses and to help fund an unrelated business.

The Roanoke Times reports that Shomo also was ordered to pay restitution of $517,042.

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