A Fredericksburg, Virginia couple, John Robert "Bob" Graves and Sara Turberville Graves, have been sentenced for their role in an investment fraud scheme that targeted 11 investors in central Virginia.
According to the U.S. Attorney’s Office for the Eastern District of Virginia, John Graves, a 53-year-old former FBI agent, and his 45-year-old wife, Sara Graves, were sentenced to 135 months and 36 months in prison, respectively.
The couple was also ordered to pay $1,235,773 in restitution to their victims and serve three years of supervised release. In addition, they were previously ordered to forfeit over $1.3 million, including the contents of several bank and brokerage accounts.
The scheme, which took place between June 2008 and July 2011, involved the Graves couple raising funds from investors by making false promises about the safety and security of their investments. They used the money to pay back previous investors, purchase real estate, and cover personal expenses.
John Graves, the former FBI agent, was convicted of one count of conspiracy to commit mail and wire fraud, one count of mail fraud, four counts of wire fraud, three counts of Investment Advisers Act fraud, and one count of making false statements to the FBI.
The case was investigated by the FBI and the U.S. Postal Inspection Service and was prosecuted by the U.S. Attorney’s Office for the Eastern District of Virginia. The Virginia Financial and Securities Fraud Task Force also assisted in the investigation.
The Graves couple’s sentencing is a significant blow to those who were affected by their scheme. It highlights the importance of vigilance when it comes to investments and the need for regulators and law enforcement to work together to prevent such crimes from happening in the future.
Related Federal Cases
- Donald Omar Fazel, Real Estate Investment Fraud, Virginia 2017 · Virginia
- Babu Ramaraj, Investment Fraud, Virginia 2020 · Washington
- Lara Coleman, Mail and Wire Fraud, Virginia 2023 · Florida
- Sandra Ball, Wire Fraud, West Virginia 2013 · New Hampshire
- Amy Lynn Galloway, Bookkeeping Fraud, Virginia 2016 · Florida
Key Facts
- State: Virginia
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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