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Justice News

Department of Justice
U.S. Attorney’s Office
District of South Carolina

FOR IMMEDIATE RELEASE
Tuesday, August 8, 2017

Aiken Man Sentenced for Investor Fraud

Columbia, South Carolina ---- United States Attorney Beth Drake stated today that Arthur Vann, age 65, of Aiken, South Carolina, was sentenced to four years’ incarceration for participation in a Conspiracy to defraud investors, in violation of 18 U.S.C. § 371.  United States District Judge J. Michelle Childs, of Columbia, also ordered Vann to pay over $3.2 million in restitution to fourteen victims.

Evidence presented during his change of plea hearing in November 2016 established that Vann had an interest in various offshore bank accounts and companies, primarily located in the Caribbean.  As a financial adviser, he directed a number of clients to invest in a particular fund focused on the Cayman Islands.  When money was transferred for this purpose, Vann diverted some of it into accounts he controlled and spent it for his own benefit.  When confronted by a number of investors, he sent them fake statements purporting to reflect the investments made. 

The case was investigated by agents of the Federal Bureau of Investigation.  Assistant United States Attorney Winston David Holliday, Jr., of the Columbia office prosecuted the case.

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Topic(s): 
Financial Fraud
Component(s): 
Contact: 
Winston David Holliday, Jr. (803) 929-3000
Updated August 8, 2017