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Richmond man sentenced for investment scheme

Thursday - 3/20/2014, 4:28pm  ET

RICHMOND, Va. (AP) -- A Richmond man has been sentenced to nine years and seven months in prison for running a $1.2 million investment scheme.

Stephen Maurice Burks was sentenced Thursday in U.S. District Court in Richmond. The 64-year-old Burks had pleaded guilty to mail fraud in November.

Burks was chief executive officer of Chelsea Financial Group. In a statement of facts filed with the plea agreement, Burks said he sold investments in stocks, oil, payday lending franchises, foreign currency exchange trading and group homes. He admitted lying to investors about his background and failing to inform them that he was a convicted felon.

Burks obtained at least $1.2 million from investors and failed to disclose that he kept at least 25 percent for personal use.

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