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.


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS St. Louis

Download The App

Listen Live