A Tyler man has been sentenced to federal prison for federal violations in the Eastern District of Texas.
According to U.S. Attorney John Bales, 42-year-old James Henry Hardee pleaded guilty in October, 2012, to wire fraud and was sentenced to 30 months in federal prison today.
According to information presented in court, from 2005 to 2008, Hardee, who was serving as the managing member of an investment group based in Tyler, embezzled investor funds and used the money for personal purposes such as mortgage payments, vehicles, and credit card payments. The investment group was comprised of multiple investors from Georgia and was formed to open and operate multiple fast-food restaurants in Arkansas. Hardee concealed his misappropriation of funds by falsifying financial statements, including those sent to investors by electronic mail on a monthly basis.
A restitution hearing will be held at a later date.