Sunday, December 11, 2016

Former investment firm president sentenced

FARMINGTON, Mo. (AP) — An eastern Missouri man who was the former president of an investment company has been sentenced to five years of probation for financial exploitation.

The Daily Journal newspaper in Park Hills, Missouri (http://bit.ly/2h9mpM2 ) reports that Thomas Terry, former president of Farmington Investment Corp., was sentenced Monday after pleading guilty in the midst of his trial.

Terry was accused of selling unregistered investments and misusing the savings of more than 40 people, with their loss estimated at $1.2 million.

As part of an agreement with prosecutors, he pleaded guilty to two counts of financial exploitation of the elderly or disabled. He was ordered to pay restitution to the victims amounting to $250,000, paying at a rate of $500 per month.

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Former investment firm president sentenced