In October of 2015, our team posted a blog regarding Michael Donnelly, former president of Coastal Investment Advisors Inc., and his agreement to settle charges with the Securities and Exchange Commission after allegations against him claiming he stole roughly $2 million from former clients.
Now, a Philadelphia federal court has sentenced Donnelly to serve 99 months in prison after pleading guilty to securities and wire fraud. Donnelly was accused of stealing money from unsophisticated and elderly investors.
After his prison sentence, he will have to serve three years of supervised release. He was also ordered to pay $1.99 million in restitution.
According to the SEC, Donnelly allegedly used investors’ money to pay for his own personal expenses while providing false information of trades and statements, as well as informing the clients the investments were performing well.
Donnelly was previously barred permanently from any kind of association with the securities industry.
Meyer Wilson represents investors who have lost money as a result of securities fraud and investment misconduct. If you or someone you know invested and lost money with former Coastal Investment Advisors president, Michal Donnelly, call our securities fraud lawyers to schedule your free consultation and learn what options you may have.