CLARKSBURG, W. Va.– A former investment manager in the region has pleaded guilty to one count of securities fraud in connection with a scam that bilked 18 people of more than $5 million.
Phillip W. Conley, 38, of Jacksonville, Florida, victimized people from across the country doing business as Alpax LLC. Conley was able to convince victims he was an investment advisor living and working out of Morgantown and Kingwood, West Virginia, Washington, D.C., and Virginia. He was able to get the victims to invest in his companies or with him. Conley kept the scam going by mailing false dividend statements that showed positive gains. Detectives say Conley actually spent most of the money on private jet flights, expensive meals, clothes, jewelry, housing and living expenses for himself, returning only about $210,000 to the victims.
As a part of the plea agreement, Conley agreed to the forfeiture of any property purchased from the proceeds of the crimes, including a money judgement of $4,868,744.60.
Conley faces up to 20 years of incarceration and a fine of up to $5 million.
The FBI conducted the investigation.