Ky. man sentenced to 8 years in investment scheme

OWENSBORO, Ky. -- An Owensboro, Ky. man has been sentenced to eight years in prison and ordered to pay $1.6 million in restitution for a scheme to defraud investors in three states.

The U.S. attorney's office said Chief U.S. Judge Joseph H. McKinley Jr. also Tuesday ordered 28-year-old Cory B. George to forfeit contents of three bank accounts totaling about $484,000 to be applied toward final restitution.

George, the owner of G3 Capital Management, pleaded guilty to 11 counts of mail fraud. He admitted to setting up G3 offices in Owensboro; Palm Beach, Fla.; and Houston.

Prosecutors say between December 2009 and April 2011, George mailed fraudulent certificates of deposit, deposited investor checks into a bank account in G3's name and mailed small interest payments to a Kentucky investor.