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Non-Tech : Auric Goldfinger's Short List

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To: Francois Goelo who wrote (10156)	2/1/2005 12:57:13 PM
From: StockDung	Read Replies (1) of 19428

Con man sentenced to 5 1/2 years By MURALI BALAJI / The News Journal 02/01/2005A Delaware man who sold unregistered securities to 45 people in 15 states has been sentenced to 5 1/2 years in prison, the state Attorney General's Office announced Monday. Timothy M. Arnold was convicted on charges that he bilked money in 1997 and 1998 from buyers. According to the Attorney General's Office, Arnold promised buyers a return of 20 percent monthly on the securities investments, but the buyers received no money and were cheated out of their initial investments. Arnold used a phony trading company, Addison and York Group, to steal more than $1 million from victims throughout the country, including $250,000 from victims in Delaware. In his pitch to investors, Arnold allegedly said he would put their money in a secret foreign banking system available only to the rich. Delaware investigators found that Arnold had deposited nearly $660,000 into a Pennsylvania bank account in the name of Addison and York Group. Arnold allegedly used the money for credit card and mortgage payments, jewelry, travel and other expenses. Arnold was arrested and scheduled to face charges in Kansas in 1999, but fled the country with his family. He was arrested in France in 2001. He was returned by U.S. marshals to Delaware in 2003 and pleaded guilty in October to three counts of felony theft and three counts of felony securities fraud. The Delaware Attorney General's Office said Arnold still face charges in Kansas for offenses he allegedly committed there. Contact Murali Balaji at 324-2553 or mbalaji@delawareonline.com. TOP OF PAGE \| PRINTER-FRIENDLY FORMAT \| E-MAIL THIS ARTICLE

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