A former Norfolk businessman was sentenced to 33 months in federal prison and ordered to repay nearly $500,000 to clients whom he admitted defrauding.
Frank A. Goley, 40, who operated Frank Enterprises Inc. in Norfolk from 2000 to 2003, was sentenced Friday in U.S. District Court in Richmond. A federal judge also ordered Goley to repay $486,000 to some 17 victims.
After closing his Norfolk business, Goley opened Financiers International in Richmond. Both companies offered financial services such as loan packages, business planning and consulting.
“Goley has admitted that he accepted advance fees for these businesses with no intention of brokering any loans for the victim businessmen,” read a statement issued by the U.S. Attorney’s Office.
Goley lived lavishly on the customers’ fees, spending the money on spa trips, limousine rentals, high-priced hotels and expensive meals, the statement said.