Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By Science and Technology
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

Gilbert Man Sentenced to Seven Years in Prison for Multi-Million Dollar Investment Fraud Scheme

Wednesday, August 15, 2018 14:26

% of readers think this story is Fact. Add your two cents.

PHOENIX – On Aug. 10, 2018, Cory Ryan Williams, 40, of Gilbert, Ariz., was sentenced by U.S. District Judge Douglas L. Rayes to seven years in prison. A restitution hearing has been scheduled for September, where Williams will be ordered to pay restitution up to $13.5 million. Williams had previously pleaded guilty to one count of transactional money laundering.

For over two years, Williams lied to his family, friends, and fellow church members about the profitability of his investment scheme. He solicited and obtained more than $13 million from over 50 victims. To entice potential victims, Williams told them he consistently earned a five percent return each week and all investments were safe and would not lose money. In reality, he lost more than $8 million by attempting to trade stock market futures. He also concealed his fraudulent scheme by making Ponzi payments to investors – Williams paid earlier investors by using new capital from later investors. He also diverted more than $800,000 of the victims’ funds to his own personal use.

The investigation in this case was conducted by the Federal Bureau of Investigation. The prosecution was handled by Andrew C. Stone and Peter Sexton, Assistant U.S. Attorneys, District of Arizona, Phoenix.

Source: http://criminal-justice-online.blogspot.com/2018/08/gilbert-man-sentenced-to-seven-years-in.html

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,599,581,491
Stories:	8,139,559