A 56-year-old Ethel man has been sentenced to 13 years in federal prison for fraudulently obtaining $8 million from investors, the U.S. Attorney’s Office announced Thursday.
Bryan Lee Addington was sentenced on Wednesday by U.S. District Judge James J. Brady, who also ordered him to pay restitution to the victims and to serve an additional three-year term of supervised release upon his release from prison.
Addington had pleaded guilty earlier this year to mail fraud and aggravated identity theft after admitting he executed a multi-million dollar investment fraud scheme from January 2010 through April 2016.
An Ethel businessman has pleaded guilty to stealing up to $9.5 million over a seven-year period in an investment fraud scheme, U.S. Attorney W…
“As he acknowledged in court during his guilty plea, throughout the scheme, Addington failed to invest victim funds as promised and instead spent the funds on personal expenses,” Acting U.S. Attorney Corey Amundson’s office said in a news release.
“He sent his victim investors false account statements — often addressed from non-existent post office boxes — and issued his victim investors promissory notes which he had no intention of honoring."
A grand jury alleged Addington spent some of the money at fine-dining restaurants, casinos, Victoria's Secret, Disney World and LSU athletic events.