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Gambling Broker Donald Overbey, Jr. Sentenced for Defrauding Investors
The U.S. District Court for the Northern District of Illinois sentenced Oscar Donald Overbey, Jr. to 3.5 years in federal prison for defrauding more than 30 people out of $4 million. The court found that he had defrauded his clients to pay for personal expenses and fund a gambling habit.
Overbey allegedly convinced his victims that they were actually invested in short-term, government backed investments that paid approx.10% interest.
Overbey was registered with Ameriprise Financial Services in Northfield, Illinois as well as IDS Life Insurance Company.
If you have suffered significant losses as a result of your investment with Oscar Donald Overbey, Jr., or another financial advisor who committed fraud, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact a securities fraud attorney at Law Office of Christopher J. Gray,P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.