Greensboro man gets 10 year sentence in scam
GREENSBORO, NC (AP) — A Greensboro man has been sentenced to 10 years in prison after he pleaded guilty to investment fraud last year.
Sixty-six-year-old James Edward Whitley also was ordered to serve three years of supervised released when his sentence is complete.
Whitley had pleaded guilty in May to wire fraud and money laundering in a $9 million investment scheme.
Prosecutors say between 2006 and 2009, Whitley told investors their money would be invested in different businesses and they would get their returns when his contracts expired. They say he gave investors notes with due dates and interest rates.
Prosecutors say Whitley instead used the money to pay other investors, buy cars and trips, and pay off a loan on his Bald Head Island home.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
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