RICHMOND, Va. – A former University of Virginia and pro football player has been sentenced to 40 years for running a $10 million fraud scheme that victimized more than 50 investors.
Federal prosecutors said in a press release that the 37-year-old Merrill Robertson Jr. of Chesterfield was sentenced Wednesday. He was sentenced in August to 15 offences, including mail and wire fraud and money laundering.
Prosecutors say Robertson and a co-conspirator operated Cavalier Union Investments in Richmond. Authorities say that Robertson targeted former coaches, donors, former students and employees of schools he had attended.
According to the documents, Robertson sold promissory notes that he claimed that he would pay an annual return of 20 percent.
Instead, the prosecutor charged, Robertson used the invested money for cars, vacations and a luxury suite in a soccer stadium.