NEWPORT NEWS, Va. – Jeffrey A. Martinovich, 50, pleaded guilty to charges of money laundering.
Martinovich was the head of MICG, a broker dealer located in Newport News.
He was convicted in 2013 of federal charges for fraudulent inflation in the Venture fund, a hedge fund he managed and administered.
Martinovich then used another fund to pay for his criminal legal defense, payments to expert witnesses, a jury selection consultant and other litigation expenses.
According to court documents, Martinovich was sentenced to 140 months in prison for his fraudulent use of assets in the venture fund.
His appeal was denied by the U.S Court of Appeals and has been remanded for resentencing.
Now, after accepting a plea deal, Martinovich faces a maximum penalty of 20 years in prison.
His sentencing will be based on federal sentencing guidelines.
