Preston David Pinkett, II, 68, of Alexandria, Virginia, pleaded guilty today to conspiracy to commit mail fraud in connection with an international investment scheme involving his front company, International Fiduciary Corporation, S.A. According to prosecutors, Pinkett and others defrauded at least 180 by convincing them to invest some $40 million in IFC between 2004 through 2006. Pinkett and 2 Canadian co-conspirators promised investors a return of 6% per month by purchasing "1st tier medium term bank notes" at a discount and then sold them for a profit. In February, Pinkett, along with Malcolm Cameron Boyd Stevenson and Daniel Eric Byer, both of Abbotsford, British Columbia, were ordered by the B.C. Securities Commission to disgorge CAN$12.7 million plus pay a CAN$4 million fine for their part in defrauding 89 Canadian investors. In the domestic criminal case, Pinkett faces up to 20 years in prison and a $250,000 fine upon sentencing which is scheduled for March 6, 2009.
Read the story here, here and here.
Read the SEC's original litigation announcement here.
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