New Jersey Man Sentenced for $1.8M Investment Fraud
A New Jersey broker has been sentenced to eight years in prison for operating an investment scam through which he collected roughly $1.8 million. Jeffery Southard is also being forced to make full restitution, and has to serve three years of supervised release after his prison term. He pleaded guilty to charges of mail fraud and signing a false tax return in June.
Southard, age forty-four, was sentenced Friday to a term of ninety-seven months in federal prison. He admitted to inducing about fourteen clients to purchase phony bonds, and provided fake monthly statements to investors.
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