Midlothian Man Sentenced To Over Four Years In Prison For Involvement In Precious Metals Fraud
RICHMOND, Va. – James F. Price, 61, of Midlothian, Va., was sentenced today to 51 months in prison, followed by three years of supervised release, on his conviction for Mail Fraud, in violation of Title 18, United States Code, Section 1341. He was also ordered to pay $4.2 million in restitution.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia; John Adams, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Richmond Field Office; and Keith A. Fixel, Inspector in Charge of the U.S. Postal Inspection Service’s Charlotte Division, made the announcement after sentencing by Senior United States District Judge Robert E. Payne.
Price pled guilty to mail fraud on March 22, 2012. In a statement of facts filed with his plea agreement, Price admitted running a business called Madison Precious Metals, which collected funds from investors, falsely claiming that it would use the funds to purchase precious metals. Price then converted those funds to his own use.
The investigation was conducted by the Federal Bureau of Investigation, the United States Postal Inspection Service, and the Commodity Futures Trading Commission. Assistant United States Attorney Michael C. Moore is prosecuting the case on behalf of the United States.A copy of this press release may be found on the website of the United States Attorney's Office for the Eastern District of Virginia at http://www.justice.gov/usao/vae. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia at http://www.vaed.uscourts.gov or on https://pcl.uscourts.gov.