Meyer Wilson | Investor Claims In the News
Man Pleads Guilty in Annuities Ponzi Scheme
Posted on Nov 09, 2011
Richard Saunders, formerly of St. Louis, Missouri, has pleaded guilty to an investment fraud scheme that was perpetrated through Advisors Capital Holdings. The alleged scheme was based on offshore annuities.
According to the allegations, Saunders offered investors guaranteed returns on the annuities, but the investments were fictitious. Saunders is said to have kept up the appearance of legitimacy by taking in money from new investors to pay off prior investors in the Ponzi scheme. The scheme ran from 2002 to 2008, when Saunders failed to pay investors and moved to Thailand. He was later deported, and he returned to the United States earlier this year.
Saunders pleaded guilty to one count of wire fraud, and he additionally pleaded guilty to a felony count of tax evasion. His sentencing is scheduled for February 2nd, 2012.
The FINRA lawyers with Law Firm of Meyer Wilson represent victims of Ponzi schemes in stockbroker mediation, arbitration, and litigation. We have recovered millions of dollars in losses for over 800 investors, and we look forward to working with you.
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