TWO MEN SENTENCED IN DIAMOND FRAUD
January 17, 2005
Dallas resident Bryan Wilson Taylor, aged 70, and 67 year old Jerrold Wayne Myers, a resident of Tulsa, Oklahoma, were sentenced by the Honorable Jorge A. Solis, United States District Judge. Taylor pled guilty to wire fraud and was sentenced to 36 months imprisonment. Myers pled guilty to securities fraud and received a 10-month sentence. Each was ordered to pay US$532,510 restitution to the victims of their crime.
According to court documents, Taylor and Myers told investors that they could purchase large diamond collections at huge discounts and later resell these diamonds at a large profit through their companies, "A Diamond is Forever," the "Bryan Taylor Group" and "Third Day, Ltd." Taylor represented himself as an experienced diamond marketer, an expert in the diamond business, and a broker who had the ability to purchase and resell diamonds at substantial profits. Taylor further represented himself as a successful Dallas businessman with a clientele of upper-end diamond investors. Instead, previous diamond transactions had resulted in large losses to his clients. Taylor failed to reveal that he had an extensive criminal history, was a party to several civil lawsuits, and had previously filed personal bankruptcy. Myers failed to disclose to investors that he had no prior experience in diamond investing or marketing. Taylor and Myers admitted that they used investors' funds for their own use. |
