- Associated Press - Wednesday, August 9, 2017

COLUMBIA, S.C. (AP) - A South Carolina man has been sentenced to four years in prison after he pleaded guilty last fall to investor fraud.

U.S. Attorney Beth Drake said in a news release Tuesday that 65-year-old Arthur Van of Aiken was also ordered to pay more than $3.2 million in restitution to 14 victims.

Drake said Vann had interest in various offshore bank accounts and companies, mostly in the Caribbean. She said the investment adviser directed a number of clients to invest in a particular fund. Vann was accused of diverting some of the money into accounts he controlled and spent the money for his own benefit.

The news release says Vann sent fake statements to some of the investors when he was questioned by investors.


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