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Posted: 8:36 AM- A man found guilty of promoting a trust fund scam has been sentenced to three years on probation.
That was the punishment handed down yesterday by a judge to Kerry Rex Smith following an earlier "no contest" plea to securities fraud.
The judge also ordered Smith to undergo counseling and pay $25,000 in restitution. He's also prohibited from being self-employed or acting in a fiduciary capacity when employed by others.
Authorities say Smith would tell investors he was a licensed broker and that he would put $20,000 of their money in a trust fund, where he claimed it would earn 10 percent interest in three months.
However, the investor's money would actually pay for Smith's personal expenses.