James Terry Brinley, 53, Millington, Tennessee, pleaded guilty today to charges he ran a Ponzi-type investment fraud scheme that bilked investors out of as much as $3.5 million. According to prosecutors, Brinley, who operated a company called Strategic Capital Management, lured investors with promises of above-market returns on certificates of deposit and trading accounts. Prosecutors alleged that Brinley's scheme, which involved used the investment funds to finance his own lifestyle and to pay earlier investors in classic Ponzi style, spanned 10 years, from June 1999 until May 2009. Brinley, who is due to be sentenced June 11, faces up to five years in prison.
Read the story here and here.
Read the DOJ announcement here.
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