An Amarillo man has been sentenced to seven years in prison for investment fraud.
Timothy Fry was ordered to repay almost $583,000 and serve more than seven years in prison by a federal judge Wednesday.
Back in July, Fry pleaded guilty to money laundering. Prosecutors said it involved an insurance same where annuities were sold to mainly elderly investors.
In August, Janice Edwina Demmitt, Fry's mother, was convicted of conspiracy to commit money laundering, eight counts of wire fraud and 11 counts of money laundering.
According to the Associated Press, the investigators say the mother and son duo used the investment funds for their personal expenses. They were registered agents of Allianz Life Insurance Co. Of North America.
