November 11, 2010
Former Secretary of Finance John W. Forbes II is set to be sentenced in a $4 million fraud that targeted Virginia's fund that promotes economic development in tobacco-dependent communities.
The 54-year-old Forbes pleaded guilty in August to one count of wire fraud while the case was under seal, according to the Richmond Times-Dispatch.
Forbes will be sentenced in federal court in Richmond on Monday. He faces up to 20 years in prison and a $250,000 fine.
A plea agreement calls for Forbes to pay $4 million in restitution to the Virginia Tobacco Indemnification and Community Revitalization Commission.
Forbes served as finance secretary from May 2001 to January 2002, under former Gov. Jim Gilmore.