Bel Aire man sentenced for securities fraud

A Bel Aire man who pleaded guilty to securities fraud has been sentenced to five years in prison, according to a news release.

Dennis D. Bailey, 67, will serve 61 months in prison and has been ordered to pay $875,000 in restitution, according to a release issued Monday by Kansas Securities Commissioner Josh Ney.

In a criminal case brought by Ney’s office in Sedgwick County District Court, Bailey pleaded guilty to one count of felony securities fraud under the Kansas Uniform Securities Act.

Bailey defrauded at least seven Kansas investors out of hundreds of thousands of dollars between January 2008 and February 2011 by selling unregistered securities, according to the release.

Bailey used significant portions of the investments for personal expenses, according to the release.

This story was originally published March 29, 2016 at 2:04 PM with the headline "Bel Aire man sentenced for securities fraud."