Wednesday, February 18, 2009

Investment Managers Gets 10 Years in Federal Prison for Money Laundering Charges

According to this post on Business Journal, investment advisor Charles Wesley Rhodes has been sentenced to 10 years in federal prison after pleading guilty to mail fraud and money laundering.

Rhodes raised more than $20 million from investors, but instead of buying stocks and bonds as requested by the investors, he used it for his own personal gain. Some of the companies Rhodes ran were Professional Practice Planning Services Inc., Resource Transactions Inc., Rhodes Econometrics Inc. and the Rhodes Co.

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