A former El Dorado Hills resident was sentenced today in federal court in Sacramento to four years and nine months in prison for his role a multimillion investment fraud scheme.
Daniel Chartraw, 40, was also ordered by U.S. District Judge Morrison C. England Jr. to pay $2.8 million in restitution.
Chartraw pleaded guilty to wire fraud in January.
Many of his victims submitted letters discussing the effect of Chartraw's fraud on their finances and their families, according to a federal Department of Justice news release.
According to court documents, between Jan. 1, 2007, and Nov. 31, 2011, Chartraw defrauded investors through false representations regarding a variety of investments, including investments in mines, mining and refinery equipment, oil commodities, precious metals concentrate, and multimillion-dollar certificates of deposit.
In one instance, Chartraw stole $1 million by fraudulently posing as an owner and manager of a company selling "dore" bars, which he claimed contained precious metals. Chartraw arranged for an investor to tour the company and managed to limit the investor's contact with the company's true owners to prevent discovery of his scheme.
When the investor placed $1 million in an escrow account for purchase of the dore bars, Chartraw used a forged letter to get the escrow company to send the money to accounts he and others controlled, officials said.