THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, September 21, 1995 TAG: 9509210407
SECTION: LOCAL PAGE: B4 EDITION: FINAL
TYPE: METRO BRIEFS
DATELINE: NORFOLK LENGTH: Short : 25 lines
A Newport News man has pleaded guilty in federal court to defrauding nine elderly investors of more than $445,000 over the course of two years.
Alton R. Jewell Jr., owner of the Investment Center of Virginia in Newport News, pleaded guilty Tuesday to one count of mail fraud. The maximum penalty for the charge is five years in prison and a $250,000 fine.
Jewell defrauded the investors of $445,150 between October 1993 and February 1995, court records show. He told the victims that he planned to invest the money in mutual funds. Instead, he used the money for personal and business expenses, prosecutors said.
Jewell will be sentenced on Dec. 15.
KEYWORDS: INVESTMENT FRAUD SENIOR CITIZENS by CNB