PHOENIX — A Phoenix man has been sentenced to prison on a fraud conviction for bilking investors out of nearly $3 million.
The three-year sentence imposed that US. District Judge Murray Snow imposed on Brandon Gilkey on Tuesday gives the 36-year-old credit for time already served behind bars.
The U.S. Attorney’s Office says Gilkey defrauded 13 victims by falsely claiming he had a successful investment algorithm that would generate large returns with little risk.
The office says several victims were relatives of Gilkey and that many were members of his church, and the office says several victims invested all or much of their retirement money with Gilkey.
Snow said Gilkey can’t afford to pay a fine but the judge ordered him to $500 a month toward restitution after he’s released from prison.