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Richmond investment adviser sentenced for $500,000 embezzlement scheme

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Posted at 5:13 PM, Mar 10, 2017
and last updated 2017-03-10 17:13:38-05

RICHMOND, Va. – A Richmond investment adviser was sentenced Friday for his role in an investment scheme that caused a loss of over $500,000 for his clients.

Troy Baldridge, 48, was sentenced to 41 months in prison and ordered to pay $505,665.13 in restitution and $480,350.87 in forfeiture.

Baldridge was a Senior Vice President and Director of Managed Investments at an investment brokerage in Glen Allen, according to court documents.

The Richmond man was also a registered investment adviser and registered broker-dealer.

The documents show on at least 15 occasions, from September 2011 through July 2016, Baldridge transferred funds from client investment accounts to his own accounts for his own use.

Court documents also show Baldridge forged the requisite client signatures to effectuate the transactions when necessary.

In total, Baldridge admitted to causing clients to lose $505,665.13. He pleaded guilty to the crimes on Dec. 13, 2016.

He faced a maximum of 20 years in federal prison.