WICHITA, Kan. (AP) — A Kansas man has been sentenced to five years of probation in an investment fraud scheme.

Kansas Securities Commissioner Josh Ney announced in a news release Monday that 44-year-old Jeffrey Williams, of Wichita, pleaded guilty in Sedgwick County to charges that included felony securities fraud.

He was ordered to repay $55,150 in restitution. Williams also is barred from dealing in securities and financially advising clients.

Ney’s office said in a news release that Williams defrauded at least three Kansas investors out of thousands of dollars by selling what he purported to be interests in third-party life insurance contracts. But the release says Williams didn’t own the interests in the policies he sold to them.

Williams operated under the name Hybrid Asset Management.