CLARKSBURG, WV (AP) – A Florida man has been sentenced to more than seven years in federal prison for bilking investors out of nearly $5 million.
Phillip Conley of Jacksonville was sentenced Friday in federal court in Clarksburg for his guilty plea to one count of securities fraud. Conley admitted to scheming 18 people from 2014 to 2019. The victims were from several states, including West Virginia.
Prosecutors say Conley mailed false statements to victims that claimed a positive rate of return for their investments. He invested little or none of the money. Instead, he spent much of it on himself.
Among Conley’s victims were churches in Charleston, Parkersburg and Morgantown.