A Texas man was sentenced for mail fraud in a financial scheme. 65-year-old Frederick Voight of Richman Texas was sentenced to over 5 years in prison, and 3 years supervised release upon serving the prison time. Voight has also been ordered to pay over $40 million in restitution to the victims of the case.
Between September 2009 and October 2018 Voight conducted business through several entities, including F.A. Voight and Associates (FAVA), which defrauded investors.
On February 4th, 2013, Voight had victims in Holdredge send a check for $45,000 via USPS, to FAVA to provide funding for a fraudulent program. Instead of funding the program, the proceeds of the check then went to pay other investors.
During Voight’s Ponzi scheme, investors lost approximately $41 million.
