On Tuesday, it was announced that a Lynchburg man had been convicted of securities fraud. 54-year-old Robert Scott Mattingley was sentenced to 50 months in federal prison last week. Mattingley will also be required to serve three years of supervised release. It was argued that the defendant defrauded more than 80 victims out of roughly $847,000 in connection with a commercial loan fraud scheme. The defendant previously pleaded guilty to a single count of securities fraud.
Evidence presented showed that between 2008 and 2012 Mattingley owned and operated Virginia Commercial Capital Corporation, which was based in Lynchburg. Mattingley marketed himself as a commercial broker who was able to obtain favorable rates on loans for commercial projects. It was determined that Mattingley had failed to obtain commercial loans on behalf of his clients as agreed.
Instead, he kept their deposits and used the money for personal expenses. In total, the defendant managed to obtain more than $845,000 from at least 80 individuals located throughout the country. Again, Robert Scott Mattingley has been sentenced to 50 months in prison and three years of supervised release. Additional details can be found here.