Larry Benny Groover was sentenced to one year and one day in federal prison on Jan. 28 in the U.S. District Court for the Eastern District of Texas.
Groover pleaded guilty to two counts of engaging in monetary transactions in property derived from specified unlawful activity in connection with his operation of a fraudulent foreign exchange currency trading program.
U.S. District Judge Amos L. Mazzant III also ordered Groover to pay $965,150 in restitution.
Groover told investors they could double their initial investment in his foreign currency investment program in six to 12 months.
Groover, however, used new investor funds to pay existing investors their promised returns. Groover also failed to inform investors that he was convicted of federal securities fraud in 1990.