Va. Man Gets 8 Years For $8.9M Investment Fraud

Law360, New York (July 19, 2011, 5:23 PM EDT) -- A Virginia businessman was sentenced to more than eight years in prison on Tuesday for orchestrating an $8.9 million investment scheme.

Julius "Bud" Johnson, who pled guilty in April to one count of conspiracy to commit mail, wire and bank fraud, and one count of engaging in unlawful monetary transactions, will serve 97 months in federal prison. He also faces an estimated restitution order of $8.9 million, according to a plea deal with prosecutors.

Johnson and a co-conspirator, identified as W.R. in the amended criminal information,...
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