Q: I was wondering what happened to Thomas B. Hammond. He was charged with embezzlement and scamming many people out of a lot of money with his financial business in 2010-2011. Is he in prison?
Rio, Fair Oaks
A: Thomas B. Hammond, a Fair Oaks investment banker, was sentenced in July 2012 to four years and nine months in federal prison in connection with a Ponzi scheme that involved stealing money from clients’ retirement accounts.
According to stories in The Sacramento Bee, he pleaded guilty to embezzling money from employee retirement accounts and was ordered to pay $536,521 in restitution to his victims.
Now 65 years old, he is incarcerated at the federal correctional institution in the Lassen County community of Herlong. According to an online roster of federal inmates, he is scheduled for release in August 2016.
Federal authorities said Hammond advised clients to invest money in a “private portfolio” that he maintained. He told them that his portfolio earned a steady interest rate that exceeded the rate that clients were earning on their current investments. But Hammond took the money that his clients gave him to invest in the private portfolio and deposited it in a standard business account at American River Bank. He then withdrew this money and used it for his personal expenses.
Call The Bee’s Cathy Locke, (916) 321-5287.