Fredericksburg on October 13, 2011 released the following:
“Former FBI agent, wife accused of defrauding customers of their financial management company.
BY KEITH EPPS
The operators of a Spotsylvania County-based business have been indicted on charges that they bilked at least 11 unsuspecting investors out of $1.3 million.
John Robert Graves, 52, and Sara Turberville Graves, 44, are charged with conspiracy to commit mail and wire fraud, mail fraud and four counts of wire fraud. John Graves, a former FBI special agent, is also charged with three counts of Investment Adviser Act fraud and making false statements, according to a Department of Justice news release.
According to the indictment in federal court in Richmond, John Graves founded Brooke Point Management in 2003. Graves, a certified financial planner, served as president of the company, through which he sold insurance, provided estate and tax planning, and recruited and advised investment clients.
The indictment charges that the Graveses raised funds by misrepresenting the safety and security of investments and by misrepresenting how they were using investor funds.
Among other things, the release states, they used investor funds to purchase real estate in Partlow, pay personal credit cards and time share dues and pay back investors who requested access to their money.
The indictment alleges that John Graves, who resigned from the FBI in 1999, continued to make false statements to investors and investigators after the scheme was uncovered.
The couple faces a maximum penalty of 20 years in prison on each of the mail and wire fraud counts, and a fine of up to $250,000 or twice the victims’ losses.
John Graves also faces up to five years on each of the Investment Adviser Act fraud charges and the false statement count.
The FBI and the U.S. Postal Inspection Service investigated the case.”
To find additional federal criminal news, please read Federal Crimes Watch Daily.
Douglas McNabb and other members of the U.S. law firm practice and write and/or report extensively on matters involving Federal Criminal Defense, INTERPOL Red Notice Removal, International Extradition and OFAC SDN Sanctions Removal.
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