RICHMOND, Va. (AP) — A Midlothian man who pocketed millions of dollars from investors who thought they were buying precious metals was sentenced Thursday to four years and three months in federal prison.
James F. Price, 61, pleaded guilty to one count of mail fraud in March.
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Price ran a business called Madison Precious Metals. Investors’ money was converted for his own use, including the purchase of a $1.2 million home, a home and a vehicle for his son, $140,000 in antiques and thousands for restaurant meals and such routine expenses as utility and credit card bills.
Thirteen victims lost about $6.1 million. Two of them testified at sentencing that their plans for retirement were ruined by the scam.
Mary Maguire, an attorney for Price, asked U.S. District Judge Robert Payne to allow her client to serve his sentence at home. She cited his age and health problems, including high cholesterol and a thyroid illness. She also highlighted Price’s wife’s chronic depression and vision problems, which make her heavily dependent on her husband.
But prosecutor Michael Moore said Price’s health problems can be handled by prison doctors. He acknowledged that it would be difficult for the couple’s two children to look after their mother, but added that “they have Mr. Price to thank for that.”
Payne agreed, saying the family hardship is akin to the collateral damage he sees from countless drug dealers who leave children and wives behind when they’re sent to prison.
Before being sentenced, Price told Payne he accepted full responsibility.
“The bottom line is those people trusted me, and I let them down,” he said.
