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Prince George man pleads guilty to multimillion dollar fraud scheme

A Prince George man pleaded guilty Monday to tax fraud and executing a conspiracy to defraud...
A Prince George man pleaded guilty Monday to tax fraud and executing a conspiracy to defraud individual lenders, financial institutions, and his employer out of nearly $9 million.(MGN)
Published: May. 3, 2022 at 1:30 PM EDT
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RICHMOND, Va. (WWBT) - A Prince George man pleaded guilty Monday to tax fraud and executing a conspiracy to defraud individual lenders, financial institutions, and his employer out of nearly $9 million.

Court documents say Robert W. Guidry, 54, conspired with Christopher Elko, 51, of Petersburg, to enrich themselves by falsely purporting to sell ownership interests in businesses where the conspirators worked. A Department of Justice press release says they obtained fraudulent loans and other forms of credit from lenders and financial institutions.

“As part of the conspiracy, Guidry solicited and induced individuals to lend him money under false pretenses, claiming that the loans would be used for investment purposes — when, in fact, Guidry actually used the money to pay for personal expenses or to repay other lenders,” the DOJ press release said.

In total, the actions caused a total loss of more than $8.8 million to investors, banks, and their former employer.

Guidry will be sentenced in September and faces up to 30 years in prison.

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