Raymond Frank Joseph, 55, of Bloomfield Hills, Michigan, was sentenced to 66 months in prison for operating a Ponzi-type investment fraud scheme that bilked investors out of at least $5 million. Joseph was found guilty by a federal jury after a two week trial on 36 felony counts, including three counts of wire fraud, nine counts of interstate transportation of stolen money or property, and twenty-four counts of conducting monetary transactions in criminally derived property. Between December 2002 and early 2007, Joseph was alleged to have solicited loans to invest in several business ventures. Instead, Joseph used the investment funds to pay returns to earlier investors and to for his own personal benefit. Joseph was also ordered to pay $2.2 million in restitution.
Read the story here and here.
Read the DOJ announcements here and here.
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