Meyer Wilson | Investor Claims In the News
Kansas Lawyer Convicted for Texas Investment Fraud
Posted on Aug 21, 2011
Clifford Roth, a lawyer from Leawood, Kansas, has pleaded guilty in a fraud case spanning Kansas, Oklahoma, and Texas. Roth was sentenced on Tuesday August 9th, 2011 by US District Judge Marcia Crone for interstate transportation of money taken by fraud.
Roth allegedly brought investors in with an offer of stock in an Oklahoma bank, claiming a new bank branch was to be opened in Beaumont. The deal included a return of investors' cash with interest if the branch was not opened. Roth's company in Kansas City took in $2.5 million from investors in several towns, including Port Arthur, Beaumont, and Houston. It is alleged that Roth then used the money to instead finance his personal lifestyle and pay off previous investors in a Ponzi-scheme fashion.
Roth has been sentenced to 46 months in prison and must pay $2.3 million in restitution to the investors involved in the alleged Ponzi scheme. He is to report to prison on August 23rd.
The investment fraud lawyers with Meyer Wilson urges victims of Kansas Ponzi schemes to contact an experienced investment fraud lawyer for a free consultation, during which you can learn more about your rights and options for recovery.
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