RICHMOND, Va. (WTVR) – A Chesterfield man faces up to 20 years in prison after he admitted to ripping off military personnel and their families to the tune of $235,600.
Vernon Matthews, 42, pleaded guilty to Mail Fraud. In addition to the prison time, Matthews could be fined $250,000 when he is sentenced in December.
As part of his plea agreement, Matthews admitted to operating an investment scheme that targeted United States Military personnel and their dependents. Mathews promised his victims anywhere between 4 and 300 percent yields on their investments with him.
“Overall, from about July 2010 until about May 2013, Matthews received over $235,600 in funds from the victim investors.,” U.S. Attorney Neil MacBride said in a statement. “The defendant did not invest any of those monies as promised and used the overwhelming majority of the funds for his own benefit.”
The FBI and United States Postal Inspection Service helped investigate this case.