Former Richmond investment banker Allen Mead Ferguson completed his federal prison sentence in late March, but still must continue to pay down the nearly $3 million he was ordered to pay in restitution.
The Richmond socialite and philanthropist was sentenced to 14 months in federal custody in February 2013 for mail fraud and money laundering.
His sentence ended March 21, according to federal Bureau of Prisons records. Ferguson served part of his sentence at Maryland’s FCI Cumberland, a medium-security facility with an adjacent minimum-security satellite camp. He was then transferred to RRM Raleigh, a residential re-entry center in North Carolina, a BOP spokesperson said. He received 55 days off of his sentence for good behavior.
At sentencing, a federal judge ordered Ferguson to pay $2.94 million in restitution. A spokesperson with the U.S. Attorney’s office in Richmond said in an email last week that Ferguson had made some restitution payments but had not yet fulfilled his total restitution obligation.
According to a court order, Ferguson must pay at least $300 per month or 25 percent of his gross income, whichever is greater, beginning 60 days from his release. Payments are to be made to the Clerk of Courts for U.S. District Court in Richmond.
A representative of that office said she was not permitted to say how much restitution Ferguson has paid to date and that restitution payments are not public record.
Ferguson, now 76, did not respond to a letter BizSense sent him while he was serving his sentence. His attorneys, who represented him pro-bono during his court proceedings, declined to comment.
Ferguson, pleaded guilty in November 2012 in what federal prosecutors said was a scheme that spanned four years. During that time, they said Ferguson obtained $5.6 million in loans from several banks while lying about his wealth as collateral.
The former head of investment bank Craigie Inc., Ferguson admitted during personal bankruptcy hearings in 2011 to lying about the existence of investment assets to secure more personal loans.
Bankruptcy liquidation of many of his and his wife’s assets, including their homes and artwork, helped recoup about $3 million at the time.
Ferguson’s wife, Mary Rutherfoord Mercer Ferguson, was not charged in the criminal case.
Ferguson received an outpouring of support from members of the business community during court proceedings.