VIRGINIA, USA — Author's note: The video above explains how you can avoid online scams. It aired on Aug. 25.
Two men were sentenced to over a decade in prison Tuesday for their role in an investment fraud scheme that cost elderly victims millions of dollars.
From 2011 to 2017, David Alcorn of Arizona and Aghee William Smith II of California were part of a conspiracy scheme that took place in California, Arizona, Florida, Idaho, and Hampton Roads, Virginia.
Alcorn and Smith II will serve 15 years and 5 months and 13 years in prison, respectively, for conspiracy to commit mail and wire fraud and money laundering, the U.S. Attorney’s Office for the Eastern District of Virginia said.
These two men are the latest in a list of conspirators who have been charged and sentenced in connection to these crimes.
Hundreds of people were convinced to invest in or send money to misrepresented companies owned by several of the scheme leaders, and they cashed out their 401(K) retirement accounts to do so.
Their money was then transferred into different fund accounts, costing them over $20 million in total.
The Virginia State Corporation Commission launched an investigation and found two men in Hampton Roads who were participating.
Former Williamsburg attorney Billy Seabolt, 56, was convicted of his involvement after a trial in September of 2021. He is serving 10 years in prison.
Roger Hudspeth, 51, of Suffolk, pleaded guilty to fraud as a financial adviser and was sentenced to over 12 years in prison back in 2018.
The elderly are commonly targeted in different types of financial scams. If you think you've been a victim of fraud, call the Virginia Department of Social Services at 1-888-832-3858.