Chesterfield County man gets 90 months in prison for $1.9 million fraud

Larry Jay Horsey, image courtesy of Northern Neck Regional Jail.

RICHMOND, Va. (WRIC) — A Chesterfield County resident was sentenced to 90 months in prison for an investment fraud scheme that lost nine investors about $1.9 million.

In addition to the prison sentence, Larry Jay Horsey was also sentenced to serve three years of supervised release while paying back $1,767,065.76 in restitution to his victims. He also agreed to forfeit $1,922,427.47 as proceeds of his offense.

Horsey had previously pleaded guilty to the offense on Dec. 14, 2016.

A press release issued by the U.S. Attorney’s Office said that Horsey, a licensed insurance agent, founded and operated a business that marketed itself as both a non-profit financial education school and a financial management company called Heroes Academy.

Horsey represented himself as a financial advisor, giving financial planning seminars in Virginia and North Carolina.

Between October 2012 and May 2016, Horsey targeted nine clients who he convinced to open what they believed to be investment accounts through his business. Instead of using their money as promised, Horsey instead spent the funds on various personal and business expenses.

In all, he defrauded investors of a combined $1.9 million.

Click here to check on crime in your area.

This is a developing story. Stay with 8News online and on air for the latest updates.

Never miss another Facebook post from 8News

Find 8News on TwitterFacebook, and Instagram; send your news tips to iReport8@wric.com.