Midlothian Man Convicted Of Fraud, Must Pay $4M In Restitution - WRIC Richmond News and Weather -

Midlothian Man Convicted Of Fraud, Must Pay $4M In Restitution

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Richmond, VA—Following a mail fraud conviction, 61-year-old James F. Price of Midlothian was sentenced to 51 months in prison and ordered to pay more than $4 million in restitution on Thursday.

Price pled guilty to mail fraud March 22, 2012. In a statement, he admitted operating a business called Madison Precious Metals; Price would collect funds from investors by falsely claiming the money would be used to buy precious metals. Price would then convert the funds for his own personal use.

The FBI, the Untied State Postal Inspection Service as well as the Commodity Futures Trading Commission spearheaded the investigation of Price's business.

Senior United States District Judge Robert E. Payne sentenced Price to 51 months in prison, followed by three years of supervised release. Price must also pay $4.2 million in restitution.

 

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