RICHMOND, Va. (AP) - A trial is under way in Richmond for a former FBI agent and his wife, who are charged in a $1.3 million investment fraud scheme.
John Robert Graves and Sara Turberville Graves of Fredericksburg are charged with conspiracy to commit wire and mail fraud, and other fraud counts. John Graves also is charged with lying to investigators.
John Graves founded the Brook Point Management investment and insurance company in 2003. Prosecutors allege the couple misrepresented to clients the safety of their money and how it would be used.
Prosecutor Jamie Mickelson told jurors during opening statements Monday that nearly $1 million of the investors' $1.3 million was improperly spent.
John Graves' attorney, Carolyn Grady, acknowledged investors lost their money but said it was because of the sour economy, not fraud.