KMOX 1120AM

Local

Town and Country Securities Trader Gets Prison Term for Fraud

View Comments
News

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

ST. LOUIS (AP) A securities trader from St. Louis County has been sentenced to more than five years in prison for defrauding clients.

Federal prosecutors say 61-year-old Grahame Rhodes of Town and Country, Mo., was sentenced Friday in U.S. District Court. He pleaded guilty in December.

In addition to the prison time he must pay restitution of $1.9 million to the victims.

Court documents show that Rhodes solicited family members, neighbors and friends by promising high rates of return on investments. Authorities say he returned some money to investors and represented it as profits, but it was actually money from new investors.

Prosecutors say Rhodes did not invest the money and in many cases converted it to his own personal use.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 3,912 other followers