A Woodland Hills businessman has been sentenced to serve two-and-a-half years in federal prison for fraud.
Kelly Glen Brady, 49, was sentenced in U.S. District Court on Wednesday to serve 30 months in prison with another 36 months supervised release.
Brady was indicted by a federal grand jury in December of last year, accused of inappropriately using about $1.8 million in investor money to cover expenses of various businesses he operated without informing investors. Prosecutors say Brady covered his actions by sending "misleading" statements, "lulling letters" and issuing checks to investors that were drawn on insufficient funds and closed accounts.
A federal judge on Wednesday ordered Brady to also pay $1.76 million in restitution.