RICHMOND, Va. (WRIC) — A Prince George man pleaded guilty yesterday to tax fraud and executing a conspiracy to defraud individual lenders, financial institutions and his employer out of almost $9 million.

According to court documents, 54-year-old Robert Guidry, of Prince George, and 51-year-old Christopher Elko, of Petersburg, attempted to enrich themselves through conspiracy and fraud from 2012 to 2020.

Part of the conspiracy involved Guidry soliciting money from individuals under the false pretense that the loans were for investment purposes — when, in fact, Guidry was using the money to pay for personal expenses and repay other lenders.

Guidry and Elko were also obtaining loans from financial institutions by deliberately obfuscating Guidry’s personal financial status.

In order to repay the lenders and financial institutions they had fraudulently borrowed from — and to pay their own personal expenses — Guidry and Elko came up with a number of methods to defraud their employer. One such scheme involved Guidry and Elko diverting customer payments from the business into their own bank accounts.

In total, Guidry and Elko’s scheme resulted in a total loss of more than $8.8 million to investors, banks and their former employer.

Guidry is scheduled to be sentenced on September 7, 2022.  He faces a maximum penalty of 30 years in prison. Actual sentences for federal crimes are typically less than the maximum penalties.