An independent financial advisor in Indianapolis was sentenced to 10 years in prison for stealing more than $1 million from elderly clients and spending the money on himself, according to Federal District Court records.
Kevin James, 58, a financial advisor and isurance agent who worked out of his home, convinced his elderly clients to cash out their annuities and insurance policies and invest the money in FSP Investment, which did not exist, according to the court. He promised the clients higher returns than what they could get from their annuities and insurance policies.
James pled guilty to securities fraud, mail fraud and money laundering. In addition to the jail term, he was ordered to pay restitution to the victims.