A Hancock County man who defrauded 19 investors out of nearly $400,000 has been sentenced to 27 months in federal prison.
David H. Essington, 45, of McCordsville, was sentenced Monday by U. S. District Judge Tanya Walton Pratt after pleading guilty to wire fraud. He also was ordered to serve three years of supervised release after his sentence.
Between May 2012 and December 2013, Essington received $484,000 from investors, including many family members and friends, to invest in the futures market.
An FBI investigation found only about $16,000 of the money was actually invested. Another $80,000 was returned to the investors. Essington spent the remainder on personal property.
“Defrauding individuals of their life’s savings is a crime my office takes very seriously,” said U.S. Attorney Josh Minkler in a written statement. “If you plan to steal money from those who put their trust in your investment decisions, federal prison will be your next stop.”