He ran an investment fraud and didn’t file taxes.
A former financial planner was sentenced to 51 months in prison after pleading guilty to wire fraud and failure to file tax returns.
According to court records, James A. Young III, 50, of Milton, Florida, solicited his clients and others to invest money in false “side investments,” including real estate investments for property he did not own and investments in an oil and gas company with which he had no relationship.
For those who invested, Young pocketed their money, which totaled over half a million dollars. In some instances, Young used money obtained from investors to pay back other investors. He fraudulently claimed the funds were returns or interest on investments. Young also failed to file his federal tax returns for 2012, 2013, and 2014.
As part of his sentence, Young was ordered to pay $402,207.71 in restitution to two dozen victims and $125,107.33 in restitution for unpaid taxes to the IRS.