BATON ROUGE, LA (WAFB) - An East Feliciana Parish investment adviser has been sentenced to over 13 years and three months in a federal prison for stealing over $8.2 million from 30 clients in an investment fraud scheme that lasted for seven years, Acting U.S. Attorney Corey Amundson announced Thursday.
U.S. District Judge James J. Brady sentenced Bryan Lee Addington, 56, of Ethel, La., to 159 months in federal prison. Addington was also ordered to make restitution payments to his victims in the amount of $5,393,346.63. He will be required to serve a three-year term of supervised release when he is released from federal prison.
Addington was convicted of mail fraud and aggravated identity in March after he pleaded guilty to the charges and admitted that he ran a multi-million dollar investment fraud scheme from January 2010 through April 2016. During his guilty plea, he acknowledged that he failed to invest his victims' funds as promised and instead spent the money on personal expenses, according to Amundson.
Prosecutors say Addington sent promissory notes to his victims that he had no intention of honoring along with false account statements, which were often addressed from fake post office boxes. Addington was barred as a broker with the Financial Industry Regulatory Authority in March 2011, after an investigation into allegations of misappropriating client funds.
The Advocate reported in March, that a grand jury alleged that Addington would spend some of the stolen funds at places like fancy restaurants, casinos, Victoria's Secret, LSU athletic events, and Disney.
Acting U.S. Attorney Amundson issued a written statement about the case saying,
Special Agent-in-Charge, Jerome R. McDuffie with IRS-Criminal Investigation also issued a statement saying:
The case is being handled by the U.S. Attorney's Office for the Middle District of Louisiana, the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation Division, and the Louisiana Office of Financial Institutions, in coordination with the Louisiana Department of Insurance's Division of Insurance Fraud and Louisiana State Police.