Jason Jernigan, and his business partner, operated Capital Management Wealth Advisors and APS Management, both situated in High Point, North Carolina.
Between 2008 and 2014, Jernigan managed convert and misappropriate around $1.5m (£1.1m, €1.3m) by accessing his clients’ bank accounts.
He has now been sentenced to 28 months in prison for conspiring to commit fraud and money laundering, to which he pleaded guilty.
Jernigan gave financial advice to many professional athletes including players in the National Football League (NFL).
Additionally, he will also have to serve three years of supervised release as well as give nearly $1.3m back to his clients.
“Fighting fraud is a priority of our office,” said Matthew Martin, U.S. attorney for the middle district of North Carolina.
“I commend the excellent work of the special agents of IRS-Criminal Investigation and US Postal Inspection Service who investigated the case, and the Tax Division, who prosecuted this case.”
Jernigan’s business partner, Michael Rowan, was sentenced to 65 months in prison in 2017 for wire fraud and filing a false tax return in 2011.