|PEORIA, Ill. (AP) -- A former Urbana investment adviser has been sentenced to more than 12 years in prison for defrauding clients of millions of dollars.
The U.S. Department of Justice says 57-year-old Timothy J. Roth was sentenced Thursday in federal court in Peoria to 12 years and seven months in prison. Roth was also ordered to pay $16.15 million in restitution to people who lost money. He pleaded guilty to mail fraud and money laundering in October.
The Justice Department says Roth admitted that he moved mutual fund shares out of clients' accounts and sold them to use the money himself.
Roth worked for a Champaign money-management firm at the time. He had since moved to Stonington, just southwest of Decatur.