1125 Chapline Street, Federal Building, Suite 3000 ● Wheeling, WV 26003
(304) 234-0100 ● Contact: Chris Zumpetta-Parr, Public Affairs Specialist

May 8, 2012
FOR IMMEDIATE RELEASE

 

Fairview Resident Sentenced in Federal Court

CLARKSBURG, WEST VIRGINIA — A 56 year old Fairview, West Virginia, resident was sentenced on May 3, 2012, in United States District Court in Clarksburg by Judge Irene M. Keeley.

United States Attorney William J. Ihlenfeld, II, announced that: ALICE RICE was sentenced to 57 months imprisonment to be followed by five years of supervised release. RICE entered a plea of guilty on August 19, 2011, to one count of bank fraud. From October, 2005, to April, 2010, in Fairmont, West Virginia and elsewhere, Rice fraudulently solicited $419,000 from six victims. During most of the scheme, Rice was an investment advisor with several financial institutions. In that capacity, Rice obtained money from all but one of her victims under the false pretense that she would invest their money. Instead, Rice embezzled the money and used it for her personal expenses. As part of her scheme, Rice also fraudulently altered checks from some of her victims by writing her name on the payee line of the checks. As part of her sentence, RICE was ordered to make restitution in the amount of $319,000.

RICE, who is free on bond, will self-report to the designated Federal facility on June 7, 2012.

The case was prosecuted by Assistant United States Attorney Andrew R. Cogar and was investigated by the Fairmont Police Department, the Federal Bureau of Investigation, the West Virginia State Police-Bureau of Criminal Investigations and the West Virginia Insurance Commission.