James Blackman Roberts, 71, of Heber Springs, Arkansas, was sentenced last Friday to 15 years in prison for defrauding investors in a Ponzi-type investment fraud scheme. Roberts was charged August 31, 2007 by the SEC of operating the Ponzi scheme through fraudulent investment vehicles, FOMAC International, Inc., and Consultores Las Tres Americas S.A. offering high returns in foreign exchange markets. Instead, authorities alleged that Roberts misappropriated investment funds to enrich himself and paid off earlier investors with later investor funds. Roberts plead guilty in May 2008 to one count of wire fraud in connection with the scheme. Roberts was also ordered to pay $43,456,874.40 in restitution to the victims of his fraud.
Read the story here and here.
Read the DOJ's announcement here.
Read the SEC's original announcement here.
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