WICHITA, Kansas (AP) – A former Wichita investment adviser who admitted stealing money from clients is going to prison.
The U.S. Attorney’s office says 44-year-old Eric Burns was sentenced Friday to five years and three months in federal prison. He was also ordered to pay more than $2.2 million in restitution.
Burns pleaded guilty in January to five counts of wire fraud, admitting he arranged wire transfers of client funds he pretended to be investing.
The transfers took place in 2008, 2010 and 2011. They involved amounts ranging from $12,000 to $150,000.
The Kansas securities commissioner suspended Burns’ registration as an investment adviser in November 2011 after receiving a complaint that he misappropriated client funds.