Nashville Investment Fraudster Sentenced To Nearly 6 Years

NASHVILLE, TN — A former Nashville man who falsely claimed he was a foreign currency exchange expert and war hero will spend nearly six years in federal prison for investment fraud.

Francisco Reynier Arias, Jr., 49, currently living in Winter Park, Fla., defrauded investors of more than $6.7 million and pleaded guilty in October 2015 to money laundering and wire fraud. He was sentenced Monday in U.S. District Court in Nashville.

Watch: Nashville Investment Fraudster Sentenced To Nearly 6 Years

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Arias ran Adieus, an investment company in Nashville, which purportedly specialized in foreign currency trading. Arias told investors he had a special expertise into foreign exchange markets, which, in fact, he did not. He also claimed to be a decorated war hero who was in on the capture of former Iraqi dictator Saddam Hussein. That was also a lie.

Rather than invest his clients' money, Arias instead used that money to pay down the mortgage on his home and to pay a family member’s tuition at Vanderbilt University. He also used the money for family trips, including a gambling trip to Las Vegas. He used the money for landscaping his house and installing a swimming pool and for buying motorcycles to add to his collection.

Arias continued his scheme by paying off some of the investors with subsequent investments, causing some of the investors to lose their retirement accounts and life savings.

In addition to the prison sentence, Arias will serve three years of supervised release and was ordered to pay $6,749,563.50 in restitution.

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