PEORIA (WEEK) — A man, formerly from Bloomington, has been sentenced to 6.5 years in prison for embezzling half a million dollars from an elderly Peoria woman.
Timothy J. Herman, 59, of Mesa, Arizona, was sentenced Friday by U.S. District Judge Michael Mihm for defrauding the elderly woman of $500,000. He was ordered to pay restitution in the amount of $509,325, according to a release by the US. Central District court in Peoria.
Herman was then taken into custody by the U.S. Marshals for transfer to the Bureau of Prisons. He will remain on supervised release for five years following his release from prison.
Following a bench trial in March 2019, Herman was convicted of engaging in the fraud scheme from 2013 to December 2017, and making false statements to federal agents, according to the release.
“Herman, who befriended the elderly victim through her church, offered the victim an investment opportunity which he falsely represented as safe and more profitable than what could be earned from banks. However, instead of investing the funds, Herman used the victim’s money to make mortgage payments on his home which was about to be foreclosed, to pay bank loans, take cruises and to live beyond his means.”
He was also convicted for making false statements about his conduct to FBI officers and U.S. Postal Inspection Service members.
Herman also defrauded a Minneapolis marketing company which waived $149,000 in restitution.