A Mt. Vernon man has been sentenced to 18 months in federal prison for wire fraud.
According to United States Attorney Deborah Gilg, 39-year-old Greg Ray was convicted of misappropriating hundreds of thousands of dollars from various client accounts while he was employed at Edward Jones and Company as an investment adviser/broker in Mt. Vernon.
Court records indicated that Ray used his position to transfer funds out of his clients' accounts without their knowledge or consent from January 2007 to December 2008. As part of the scheme, Ray set up various bank accounts, including one in Georgia, for the purpose of receiving the stolen funds.
Ray created false letters of authorization that allowed him to transfer over $360,000 to the various bank accounts he had created. He used those funds, in part, to underwrite his gambling addiction.
Ray's sentence was handed down Tuesday by U.S. District Court Judge Ortrie D. Smith. In addition to serving time in prison, Ray will be placed on three years of supervised release. He has also been ordered to pay $368,057 in restitution to Edward Jones and Company.
The case was prosecuted by the U.S. Attorney's Office and the United States Postal Inspection Service.