Florida man sentenced in $5M fraud scheme involving W.Va. churches, pastors
CLARKSBURG — A federal judge has sentenced a 38-year-old Florida man to 87 months in prison for a fraud scheme targeting pastors and churches in West Virginia.
U.S. District Judge Thomas S. Kleeh on Friday sentenced Phillip W. Conley, of Jacksonville, Florida, for defrauding West Virginia churches, pastors, and others of nearly $5 million.
Earlier this year, Conley pleaded guilty to one count of securities Fraud and admitted to swindling millions of dollars from victims in multiple states.
Conley portrayed himself as an investment advisor even after his broker’s license was suspended in December 2015. He formed a company called ALPAX LLC, and persuaded victims to invest in false ventures such as student housing construction, high-yield fixed income securities, oil and gas technology, mineral rights, and timber leasing. Conley provided investors with a false sense of security by mailing them dividend statements that misstated the value of the investment accounts.
Read more: https://www.timeswv.com/news/monday_news/florida-man-sentenced-in-5m-fraud-scheme-involving-w-va-churches-pastors/article_b26e7db4-562c-11ec-a25b-237277b48046.html
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