The SEC has barred a former investment advisor who has been sentenced to two-and-a-half years in prison, the regulator says.

Jay Costa Kelter was charged in 2017 with defrauding three retired clients out of more than $1.85 million, in part by making false guarantees about investor losses as well as by misappropriating $1.4 million of client funds for his own use, according to a litigation release from the SEC.

This week, the U.S. District Court for the Middle District of Tennessee entered a final judgment against Kelter, barring him from the industry and ordering him to pay disgorgement of $1.467 million and prejudgment interest of $331,985, the SEC says.

That payment was deemed satisfied, however, by the restitution of $1.467 million he was ordered to pay in a parallel criminal case, according to the litigation release.

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Kelter pleaded guilty in the criminal case to one count of securities fraud and one count of wire fraud, for which he was also sentenced to 29 months in prison, according to the SEC.