Roy Fluker Junior did not show up in court Thursday for sentencing.
Prosecutors say he headed "more than enough" an investment program that promised 25-percent returns. Nearly 3,000 people participated.
Officials say Fluker told prospective investors that African-American money should stay in the African-American community.
Prosecutors say the program was a pyramid scheme that cheated investors out of nearly $10 million.
Fluker's adult children were also convicted in the scheme. His daughter Ronnanita Fluker was sentenced to eight years in prison.