RICHMOND — The Virginia State Bar Disciplinary Board revoked the license of Billy Joe Seabolt, Jr., after he was convicted for his part in a scheme that defrauded retirees (or soon-to-be retirees) out of their savings in excess of $25 million.
On Friday, April 30, Seabolt was convicted of conspiracy and mail fraud after scheming with business owner, Daryl Bank, of defrauding more than 300 victims.
The people targeted were retirees or those nearing retirement who were considered unsuspecting and inexperienced in investment matters. The scheme consisted of convincing victims to cash out their 401(k)s and other savings to invest in fraudulent opportunities.
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Seabolt, who owned and operated Family Wealth Law out of offices in Williamsburg and Lynchburg, was under investigation by the Virginia Bar Association for misconduct.
On Tuesday, May 25, it was presented to the Virginia State Bar Disciplinary Board an Affidavit Declaring Consent to Revocation of Seabolt’s license to practice law in the Commonwealth. By submitting this affidavit, the Bar stated that this is an acknowledgement on the part of Seabolt that the material facts in its investigation were true.
As a result, the Bar ordered Seabolt’s license revoked and his name stricken from the Roll of Attorneys for the Commonwealth.
The sentencing phase for Seabolt begins September 15 in U.S. Federal Court. He faces a penalty of up to 75 years in prison for his role in the scheme.
WYDaily will continue to keep you informed on this developing story.
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