Thursday, 21 August 2014
Last updated 13 hours ago
Dec 17 2010 | 12:41am ET
A former pastor has been sentenced to 54 years in prison for ripping off investors in his supposed hedge fund of more than $13 million.
Vaughn Reeves was convicted in October of securities fraud. Prosecutors say he told investors his Alanar Inc. would invest in church construction bonds, but that the 66-year-old Indiana man actually spent the money on himself and his sons, who are set to go on trial next year. Among the goodies the Reeves allegedly bought for themselves were airplanes, sports cars and lavish vacations.
“I am terribly sorry,” Reeves said at his sentencing. “We certainly didn’t set out to defraud or hurt anyone.”
Reeves’ lawyer pleaded for a much shorter sentence—possibly just probation—to allow his client to attempt to make investors whole. But the judge said that the number of victims and amount lost justified the longer sentence.
Reeves was also ordered to pay more than $13.1 million in restitution.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note