Investor sentenced for defrauding family and church members of almost $400K
INDIANAPOLIS (WISH) — A McCordsville businessman was sentenced to 27 months in federal prison for wire fraud.
David Essington, 45, was sentenced in federal court on Monday.
Essington had been accused of bilking investors, including family members and members of his church, of almost $400,000.
Investigators said that Essington day-traded in the futures market as a hobby.
Essington was accused of investing only $16,000 of $484,000 that was given to him by 19 investors beginning in May 2012.
Essington had spent the balance on personal items by December 2013.
“Defrauding individuals of their life’s savings is a crime my office takes very seriously,” said United States Attorney Josh Minkler. “If you plan to steal money from those who put their trust in your investment decisions, federal prison will be your next stop.”
After his release, Essington will also serve three years of supervised release.