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 firstname.lastname@example.org for a no-cost, confidential consultation.