Eldon Phillip Anderson, 56, of Burnsville, Minnesota, was sentenced yesterday to 8 years in prison and order to pay nearly $1.5 million in restitution for securities fraud dating as far back as 1994. Anderson plead guilty to one count of securities fraud in March. He is alleged to have defrauded some 950 investors by selling securities in fake corporate ventures and promising returns of as much of 2,500 percent. Anderson presented himself to investors as the president and CEO of Epcom Ltd., Epcom Corp., Epcom Wireless Corp., and other entities involved in the wireless technology, bottled water and other enterprises. Epcom eventually went public. He was originally indicted on 14 counts of securities fraud and 12 counts of mail fraud. Anderson reportedly spent the ill-gotten gains on an extravagant lifestyle, including homes, cars, travel and college tuition. Now he is pleading poverty and being represented by a federal public defender. One bilked investor and former neighbor of Anderson, Carolyn White, reported that Anderson bragged about "stashing money in Panama."
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