Richmond man pleads guilty to mail fraud
RICHMOND, Va. (AP) -- A Richmond man has pleaded guilty in a $1.2 million investment scheme.
Stephen Maurice Burks faces a maximum of 20 years in prison when he is sentenced by U.S. District Judge Robert Payne on Feb. 20. The 64-year-old Burks pleaded guilty Tuesday to mail fraud.
Burks was chief executive officer of Chelsea Financial Group. In a statement of facts filed with the plea agreement, Burks said he sold investments in stocks, oil, payday lending franchises, foreign currency exchange trading and group homes. He admitted lying to investors about his background and failing to inform them that he was a convicted felon.
Burks obtained at least $1.2 million from investors and failed to disclose that he kept at least 25 percent for personal use.