05/05/2008

Associated Press

The former chief executive officer of a St. Louis-based company is sentenced to 14 years in prison for his role in a fraudulent investment scheme with more than 400 victims.

Andre Mitchell was ordered to pay about $3 million in restitution. He is 43 and formerly of Belleville, Ill.

Mitchell served as the president and CEO of Global Power Global Wealth.

U.S. Attorney Catherine Hanaway's office in St. Louis says a scheme paid investors with funds from other clients, rather than from legitimate investments.

Mitchell pleaded guilty to one count of mail fraud and one count of money laundering in February. He was sentenced in Kentucky, where he was also given five years of supervised release and ordered to pay an additional $15,000 for robbing three Kentucky banks.