Phoenix man sentenced in $3 million investment fraud

Posted at 2:40 PM, Aug 31, 2016
and last updated 2016-08-31 18:34:55-04

A Phoenix man is learning his fate after pleading guilty to defrauding more than a dozen people out of $3 million.

Brandon Gilkey, 35, was sentenced on Tuesday to nearly three years in prison for making false claims about creating a successful investment algorithm that would generate a large return with little risk, according the U.S. Attorney’s Office.

A press release from the U.S. Attorney's Office in Arizona also said that Gilkey lied about his educational background and supposable profits he made for other investors.

Several of Gilkey’s victims were his own relatives or members of his church and invested all, or a large portion, of their retirement funds into the scheme, law enforcement said.

In addition to time spent behind bars, he’ll have to pay full restitution to his victims as well as three years of probation after he’s released.