NASHVILLE, Tenn. (AP) -- A Franklin businessman who bilked millions from investors in a Ponzi scheme will spend the next six years in a federal prison.
Jerry Martin, U.S. Attorney for the Middle District of Tennessee, announced on Tuesday that 30-year-old Barron Mathis was sentenced to serve 72 months in prison and ordered to pay $2.8 million in restitution.
Mathis is the former vice president and portfolio manager of the now-defunct Franklin-based financial services firm J.C. Reed & Co.
Federal prosecutors say that between 2006 and 2008, Mathis helped devise a scheme to defraud investors.
Mathis convinced clients, friends and acquaintances that the company stock was growing, in spite of knowing that it was artificially inflated.
Many of the victims who lost money were elderly and unsophisticated investors.
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