Virginia Advisor Pleads Guilty In $6M Fraud

Sept. 19--Former Hampton Roads financial adviser Roger Odell Hudspeth II pleaded guilty to two federal felony counts of investment adviser fraud and unlawful monetary transactions on Monday in the Eastern District Court in Norfolk.

His clients, who thought their money would buy them dental franchises, wireless spectrum licenses and other stakes in investments that didn't actually exist, lost at least $6 million combined.

Prosecutors said Hudspeth earned $737,183 from his schemes.

Judge Robert Doumar scheduled Hudspeth's sentencing for Jan. 22, 2018. He was released on a $100,000 bond and faces up to 15 years in prison, fines of up to $260,000 and paying restitution to the victims of his fraudulent scheme based on the maximum sentences for the two charges.

For John and Beatrice Wanzer, both in their early 70s, hearing the man who took their $25,000 admit his guilt was of little comfort.

"All we want is our money back," Beatrice Wanzer said.

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