A Lexington man who pleaded guilty to stealing millions of dollars from people who entrusted their retirement savings to him has been sentenced to 20 years in prison and ordered to pay $3.5 million in restitution.
Kenneth Eugene Thomas, former owner of Retire America, was sentenced Friday.
He pleaded guilty April 3 to charges that Lexington police said included theft by failure to make required disposition over $10,000, theft by unlawful taking over $10,000 and securities fraud.
Thomas' clients gave him money to invest, but he took the money for his own use, investigators have said.
Detectives found at least 10 people who lost more than $3.3 million to Thomas.
One couple, David and Joretta Grow, gave him nearly $1.3 million to invest that he never invested, according to a civil suit filed last year. David Grow died last summer, and the fraud was discovered after his wife tried to obtain some of the money they had given Thomas, the suit states.
Three others also were indicted in the scheme.
Shannon Kay Hurst, Phillips J. Ash and Roy Myers each have pleaded guilty to a misdemeanor charge of attempted fraudulent sales of securities and were fined $500, according to the Fayette County Commonwealth Attorney's office.