RICHMOND, Va. (AP) -- A former FBI agent and his wife will spend years in federal prison for an investment fraud scheme.
John and Sara Graves of Fredericksburg were convicted of conspiracy, mail fraud and four counts of wire fraud in April. John Graves also was convicted of investment adviser fraud and lying to the FBI.
A federal judge on Tuesday sentenced John Graves to 11 years and three months in prison. Sara Graves was sentenced to three years.
John Graves founded an investment company in 2003 after he resigned from the FBI. Prosecutors said John Graves used his FBI background to win investors' trust, and that he and his wife used victims' funds to buy real estate and pay business and personal expenses.