- Associated Press - Wednesday, November 4, 2015

NORFOLK, Va. (AP) - A Virginia Beach woman has been sentenced to seven years in prison for running an investment fraud scheme.

Ayanna James was also sentenced Wednesday in Norfolk to 3 years of supervised released and ordered to pay $4.6 million in restitution to her victims.

The 40-year-old was the president and chief executive officer of Wilson Capital Group Inc., a private equity firm.

Federal prosecutors say she solicited funds from clients, promising to secure capital and financing. Instead, prosecutors say she used $34,000 in fraudulent proceeds to buy NBA season tickets, jewelry, a car and to travel overseas, among other things.

James pleaded guilty in May to mail fraud and unlawful monetary transactions charges.

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