Former Wichita Investment Advisor Sentenced On Wire Fraud Charges

WICHITA, KAN. – A former Wichita investment advisor has been sentenced to 63 months in federal prison after pleading guilty to stealing money he pretended to be investing for clients, U.S. Attorney Barry Grissom said today. He was ordered to pay more than $2.2 million in restitution.

Eric Burns, 44, Wichita, Kan., pleaded guilty to five counts of wire fraud. In his plea, he admitted he arranged for electronic transactions to take place as part of a scheme to defraud clients.

The transactions included the following:

The transfer of $70,000 on Aug. 20, 2008, from Boston to New York City.
The transfer of $25,000 on July 7, 2010, from Boston to Wichita.
The transfer of $12,000 on Aug. 13, 2010, from Boston to Wichita.
The transfer of $150,000 on Aug. 26, 2010, from Boston to Wichita.
The transfer of $130,000 on June 7, 2011, from Boston to Wichita.

On Nov. 8, 2011, the Office of the Kansas Securities Commissioner suspended Burns’ registration as an investment advisor after receiving a complaint that he misappropriated client funds.

Grissom commended the FBI, the Office of the Kansas Securities Commissioner, Assistant U.S. Attorney Debra Barnett and Assistant U.S. Attorney Tanya Treadway for their work on the case.