A Tiburon man was sentenced in federal court in San Francisco today to three and one-half years in prison for an investment fraud and ordered to pay the victims $436,583 in restitution.
The sentence for Malcolm McVickar, 67, was agreed to in a plea bargain between McVickar and prosecutors when he pleaded guilty in September to three counts of wire fraud and three counts of mail fraud.
The prison term and restitution order were imposed by visiting U.S. District Judge Consuello Marshall.
U.S. Attorney Joseph Russoniello said McVickar defrauded investors in what he represented as a private investment fund by promising them fixed monthly payments and a money-back guarantee.
In fact, Russoniello said, McVickar used investors’ money to pay off previous investors, to make unrelated investments and to pay personal expenses.
Separately, McVickar pleaded guilty in Marin County Superior Court in January to embezzling more than $200,000 from seven victims, including his 92-year-old father and an 84-year-old widow.
His defense attorney, Kenneth Wine, said in September that McVickar is serving a nine-year sentence in state prison for the embezzlement, but is likely to be released after half that time because of credit for good behavior.
McVickar will then begin serving his federal sentence, which is consecutive to the state sentence, prosecutors said.