Lynchburg Man Sentenced on Federal Securities Fraud Charge
Robert Mattingly Will Serve 50 Months in Federal Prison
Lynchburg, VIRGINIA – A Lynchburg man convicted of securities fraud was sentenced last week in the United States District Court for the Western District of Virginia in Lynchburg, United States Attorney Rick A. Mountcastle announced.
Robert Scott Mattingley, 54, was sentenced last week to 50 months in federal prison and three years of supervised release after the Court heard evidence that he defrauded more than 80 victims out of $847,000 in connection with a commercial loan fraud scheme. Mattingley previously pleaded guilty in this case to one count of securities fraud.
According to evidence presented at previous hearings by Special Assistant United States Attorney Kari Munro, between 2008 and 2012, Mattingley owned and operated Virginia Commercial Capital Corporation, based in Lynchburg. Through this company, Mattingley held himself out as a commercial broker who could obtain favorable rates on loans for commercial projects provided his customers could make one or, in some cases, several, cash deposits toward their loans.
Mattingely failed to obtain commercial loans on behalf of his customers as agreed and kept their deposits, using them for personal expenses. In all, he obtained more than $845,000 from as many as 80 individuals located throughout the United States.
The investigation of the case was conducted by the Federal Bureau of Investigation and the Virginia State Police. Special Assistant United States Attorney Kari Munro and Department of Justice, Tax Division Trial Attorney Sean Beaty prosecuted the case for the United States.