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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Bear Down who wrote (57886)7/8/2000 4:34:07 PM
From: StockDung  Read Replies (1) of 122087
 
11 Arrested in $95M Investment Scam

.c The Associated Press


PENSACOLA, Fla. (AP) - Eleven people have been indicted for allegedly running a scam that bilked $95 million from investors who were promised their money would triple in a year.

The indictment, announced Friday by U.S. Attorney P. Michael Patterson, charged the defendants with running a pyramid scheme. The money was laundered through corporations and banks for the benefit of the defendants, the indictment said.

The defendants live in Florida, Arizona, Tennessee, New York, England and Canada. Eight of those indicted had been arrested as of Friday, said Patterson's spokeswoman Gayle Kinsley.

All 11 were charged with at least one count of conspiracy to commit wire fraud and securities fraud and a second count of conspiracy to launder money.

Investors were told their money would buy U.S. Treasury obligations that would in turn be leveraged in a secret trading program with a return of 360 percent a year or more.

If convicted, each defendant faces a maximum prison sentence of five years under the first count, 10 years for the second count and up to 10 years for each money laundering count. Arraignment is set for July 20.

AP-NY-07-07-00 2040EDT
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