A licensed insurance agent was sentenced by a federal court to seven and a half years in prison for ripping off clients and using the proceeds to fund an excessive lifestyle.
US District Judge Henry Hudson wants Larry Jay Horsey in prison for the prescribed term, which is longer than the seven years the prosecution asked for, finding him guilty of the fraud charges levelled against him.
Richmond Biz Sense reported that Horsey posed as a financial adviser, setting up a financial management firm called Heroes Academy, which promised to make “debt-free millionaires” of its clients. He was allegedly able to convince nine individuals to hand over their savings and annuities through bogus accounts.
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The agent then used the proceeds to fund vacations to Florida and Hawaii, travel to sporting events, and support for a local football team, it was alleged.
Judge Hudson also ordered Horsey to pay a restitution of $1.76 million to the victims and three years of supervised release.
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