A former Treynor man will spend five years in prison for an investment scheme.
Fifty-three-year-old Jeffrey Carley pleaded guilty to wire fraud and was ordered to pay more than $1.3 million in restitution. Carley was a financial investment counselor and he owned or had an ownership interest in Carley Financial Group, Prosperity Partners, and Main Street Solutions.
Prosecutors say Carley got clients to move money out of their IRA accounts and put it into investment accounts he had an interest in with the promise of getting a return on the investment. He didn’t tell the clients he had an interest in the investments.
The U.S. Attorney says Carley also took some of the money for his personal use and spent it all — leaving none to repay his clients.