A former investment advisor from Buford will spend the next five years behind bars for stealing over $3.2 million from his clients, federal prosecutors said Wednesday.
Blake Bancroft Richards, 39, was sentenced to the prison time, followed by three years of supervised release and ordered to pay over $3.7 million restitution according to the U.S Attorney's Office Northern District of Georgia.
Richards had worked for LPL Financial, Inc. Between 2008 and 2013, prosecutors said Richard told clients he would invest their money, but instead deposited it into his own accounts.
"To conceal his theft, Richards manufactured certificates and provided investors with fictitious account statements. When investors asked for their money, Richards made payments from his personal account or made excuses about why he could not return their money," a media release from prosecutors stated.
During the five-year scheme, authorities said Richards defrauded clients including friends and family members.
"The pain and suffering to the victims of this crime can never be appeased," FBI Atlanta Acting Special Agent in Charge George Crouch said. "The trust that was violated by Richards has caused life-long damage to these individuals."
Richards pleaded guilty to wire fraud in June.
"Investors need to be careful and thoroughly vet those whom they entrust their hard-earned money," U.S. Attorney John Horn said.
