Prince George man sentenced to 9 years in multimillion dollar fraud scheme

RICHMOND, Va. (WWBT) - A Prince George man pleaded who pleaded guilty earlier this year to tax fraud and executing a conspiracy to defraud individual lenders, financial institutions, and his employer out of nearly $9 million, was sentenced recently to 9 years in prison.

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.

Court records show that he was also ordered to pay more than $10 million in restitution.

“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.