Wentzville man pleads guilty to investment fraud
ST. LOUIS (AP) – An eastern Missouri man has pleaded guilty to fraud charges for pocketing $570,000 after defrauding investors.
Forty-year-old James Staley faces sentencing July 29 after pleading guilty in federal court on Thursday.
Staley, of Wentzville, ran Wealth Financial International and was a sales agent for a California company called B&B Equity. Federal prosecutors say he promised guaranteed returns that he couldn’t back up. All told, 16 people invested $3.3 million.
It wasn’t immediately clear how much money the investors lost.