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Ex-Virginia Beach broker pleads guilty to fraud

By WTOP Staff

NORFOLK, Va. (AP) — A former Virginia Beach broker faces up to 20 years in prison after pleading guilty to wire fraud.

Jeffrey Scott Davis entered his plea Tuesday in U.S. District Court in Norfolk. He’s scheduled to be sentenced Feb. 3,

The Virginian-Pilot (http://bit.ly/1ojFMAH ) reports that the 52-year-old Davis admitted to embezzling $192,000 from five clients’ brokerage accounts while working as an independent broker for Ameriprise Financial. Davis paid credit card debts with the money.

Davis agreed to make restitution to Ameriprise Financial.

Ameriprise Financial spokesman John Brine says the company terminated Davis in 2013 and restored the clients’ funds.

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Information from: The Virginian-Pilot, http://pilotonline.com

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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