A Chatham businessman will serve a three year jail term for defrauding nine elderly people of more than $1-million.

Richard Mahon pleaded guilty to one count of fraud over $5,000 and one count of criminal breach of trust on October 25, 2016.

In addition to the jail term, the 71-year-old was ordered to pay restitution of $1.23-million to his victims.

Chatham-Kent police began the investigation about three years ago and discovered the owner of "Ric Mahon Financial" and "Tax Back Ventures" was using money given to him as a financial investor for personal use.

Officers say the practice started as far back as 2006, and some of the victims were more than 90 years of age.