Recidivist Con Artist Gets 12 Years in Prison for Affinity Fraud Ponzi Scheme
Anthony Ray, operator of Key Funding Group, is heading back to prison –
this time for 12 years. A recidivist, Ray already had been convicted of
six prior felonies before he pled guilty last week to defrauding more
than a dozen Georgia church members out of nearly $660,000. Ray’s
past earned him an additional eight years of probation after his time
According to the DeKalb County District Attorney’s office, Ray solicited
investments in Key Funding Group from Pine Grove Baptist Church members
from approximately August 2006 to July 2008. Ray met several of the victims
through the church’s pastor; other victims were brought into the
scheme based on investors’ recommendations.
Ray told investors their funds would be used to buy distressed real estate
that would then be renovated and sold for a profit. The victims so believed
Ray’s claims that several of them refinanced their homes and/or
took out additional loans to invest more money in the scheme.
“This was an elaborate
Ponzi scheme that caused over a dozen victims to lose a substantial amount of money.
He [Ray] had a total disregard for others to the degree he even stole
from his own father,” said District Attorney Robert James. “I
hope this case serves as a warning for residents to do a thorough background
check on any investments that may sound too good to be true. They often
are just that.”
Investors who want to find out how to conduct a background check to avoid
investment fraud should read our investor article, “Smart Tips for Hiring a Financial Advisor.”