A Knoxville, Tenn., financial advisor who defrauded family members and friends of more than $8 million was sentenced Monday to nine years in prison, according to the U.S. Attorney for the Eastern District of Tennessee.
Jacqueline J. Stanfill also was ordered to pay restitution of more than $8 million to the victims, some of whom were friends from her high school days. She pleaded guilt to wire fraud, mail fraud and money laundering.
Stanfill was the owner and operator of Stanfill Wealth Management in Knoxville. In her plea agreement she admitted to claiming to invest her clients’ money with legitimate investment companies. Instead, she used the money for herself, including the purchase of a $1.6 million home.
In order to maintain the confidence of her clients, she created phony documents that had the appearance of account statements and correspondence from Charles Schwab and Co.