Prison Time For Ex-Advisor to Former Colts Standout

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(Image of Cory Redding courtesy of the Cory Redding Foundation.) (Image of Cory Redding courtesy of the Cory Redding Foundation.)

A California man has been sentenced to seven years in prison for stealing $4.7 million from former Indianapolis Colts player Cory Redding. Ray Cleveland, who was Redding's financial advisor for 10 years, was convicted on federal fraud and money laundering charges for an investment scheme that involved the retired NFL defensive lineman and others.

U.S. Attorney Josh Minkler's office says Cleveland conned Redding out of the money by describing the "success" of his so-called investment strategy that involved living off the interest of his purported investments and receiving the principal when he retired. In actuality, Cleveland was spending the money Redding entrusted him to invest on himself, his family and to cover supposed interest for other defrauded investors. Redding ended up playing an extra year in the NFL in hopes of earning back some of the money he found out Cleveland had stolen.

Minkler said "people should have confidence that those they entrust with their hard-earned money will treat them fairly and honestly. This defendant exploited that trust through lies and deception for purely personal gain. Today's sentence underscores that such egregious conduct cannot, and will not, be tolerated."

In addition to the prison time, Cleveland has been ordered to pay full restitution of $4,706,066.86. You can connect to more about the theft by clicking here.

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