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Fredericksburg Man Sentenced for Investment Scheme
A Fredericksburg man has been sentenced to 65 months in prison for his role in a complex investment fraud scheme.
James Ashby Moncure, Jr., 42, was sentenced by U.S. District Judge Henry E. Hudson on February 6, 2015 in the Eastern District of Virginia. Moncure was ordered to pay approximately $8.3 million in restitution to his victims.
According to court documents, Moncure solicited individuals for investment opportunities in exchange for short-term promissory notes offering returns ranging from 10 percent up to 25 percent. However, instead of investing the funds as promised, Moncure misappropriated a significant amount of investor funds for payment of returns to earlier investors and transfers to investment trading accounts from which he day-traded stocks and options.
This case was investigated by the FBI’s Fredericksburg Resident Agency, IRS-CI, and USPIS. Assistant U.S. Attorneys Michael Gill and Katherine Lee Martin prosecuted the case.
The Virginia Financial and Securities Fraud Task Force, an unprecedented partnership between criminal investigators and civil regulators, coordinated the investigation. The task force is comprised of several federal and state agencies, including the Virginia Attorney General’s Office, and serves as an investigative arm of the President’s Financial Fraud Enforcement Task Force (FFETF).
Moncure pleaded guilty to wire fraud and engaging in unlawful monetary transactions. He was sentenced to 65 months in prison, followed by three years of supervised release.
Key Facts
- State: Virginia
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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