URBANA, Ill. (WCIA) -- A former financial advisor will spend two years in federal prison for falsely representing a private investment scheme to a customer which resulted in the client losing money.
Friday, 45-year old Paul Schuerger, of the 2700-block of Hunters Pond Run, Champaign, was sentenced and ordered to pay $100,000 in restitution. He will remain on bond pending notice from the federal Bureau of Prisons when and where he's to report.
In October, Schuerger pleaded guilty to wire fraud and money laundering. He admitted while working at a bank in Kankakee, in 2012, as a financial advisor, he falsely represented a private investment opportunity, with a 10% rate of return, to a bank customer.
The customer gave him $100,000 to invest. Instead, Schuerger deposited the money and used it for his personal benefit, including debts.
The FDIC Office of Inspector General handled the investigation.
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