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Midlothian man to be sentenced for $6M fraud

Thursday - 7/12/2012, 2:03am  ET

RICHMOND, Va. (AP) - A Midlothian man who pocketed millions of dollars from investors who thought they were buying precious metals is asking a federal judge to sentence him to home confinement.

James F. Price faces sentencing Thursday afternoon in Richmond. He pleaded guilty to one count of mail fraud in March.

Court records say Price ran a business called Madison Precious Metals. Investors' money was converted for his own use, including the purchase of a $1.2 million home.

Sentencing guidelines call for a term of up to five years and three months. The 61-year-old price is asking to serve his time at home, citing his age and health problems.

But prosecutors say he deserves prison time, noting the impact Price's scheme had on 13 victims who lost more than $6 million.

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