A former Chesapeake investment advisor pleaded guilty Monday to one count of conducting unlawful monetary transactions and one count of investment advisor fraud, according to the U.S. Attorney’s Office for the Eastern District of Virginia.

Forty-eight-year-old Roger Odell Hudspeth, owner of Dominion Investments Advisors, LLC, and his associates sold unregistered and fraudulent securities to multiple individuals, according to the news release.

Hudspeth failed to perform adequate oversight to ensure his associates had not engaged in fraudulent activities. The Financial Industry Regulatory Authority previously banned Hudspeth’s associate for illegal activities.

Hudspeth and associates utilized social security maximization seminars to rein in clients in or near retirement. He made material omissions and misrepresentations in an effort to steer investors to high risk, highly speculative and illiquid investment offerings. As a result of the securities fraud scheme, Hudspeth’s clients lost more than $6 million.

Hudspeth obtained more than $700,000 in illegal gains. He utilized $20,000 of that money as a down payment on a Range Rover, according to the news release.

The Virginia State Corporation Commission revoked Hudspeth’s license and permanently closed his investment firm in early 2016. He was permitted from making investment recommendations or conduct securities analysis.

Hudspeth’s sentencing hearing is scheduled for January 22, 2018. He faces a maximum sentence of 15 years of imprisonment.

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