Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and Michael B. Steinbach, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, announced that Paul D. Wolfe, 42, formerly of Hobe Sound, Florida, was sentenced today to 44 months’ imprisonment, to be followed by three years of supervised release. Wolfe was also ordered to pay restitution in the amount of $2,279,148.36.

Wolfe previously pled guilty to one count in an information charging him with wire fraud in connection with an investment scheme involving approximately $2.2 million in losses.

According to court documents, Wolfe’s investment fraud scheme spanned from 2005 through 2011. Wolfe, who operated as an unlicensed investment advisor, admitted that he provided false and fraudulent investment return data to numerous investors and that he inflated investment returns. Furthermore, Wolfe diverted investor funds, in part, to pay for his personal expenses.

Mr. Ferrer commended the investigative efforts of the Federal Bureau of Investigation in this case. The case is being prosecuted by Assistant United States Attorney Stephen Carlton.

A copy of this press release may be found on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls.