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 Walt Green reported Wednesday.
U.S. District Judge James Brady did not set a sentencing date for Bryan Lee Addington, 55, who pleaded guilty Monday to mail fraud and aggravated identity theft.
An Ethel businessman accused in a $3.5 million investor fraud scheme allegedly spent some of…
Addington solicited funds from clients but failed to invest the funds as promised and instead sent them false account statements often addressed from non-existent post office boxes, Green said.
Addington purportedly paid distributions to his victims, but those distributions often were paid with money that actually belonged to other victim investors, he said.
Addington fraudulently obtained between $1.5 million and $9.5 million, Green stated. Brady will determine a specific amount at or before his sentencing.
A grand jury alleged that Addington spent some of the money at fine dining restaurants, casinos, Victoria's Secret, Disney and LSU athletic events.