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St. Peters Man Charged in Investment Fraud
Posted on Sep 20, 2010
A St. Peters, Missouri man faces federal charges for his alleged involvement in a multi-million dollar investment scheme.
Federal authorities have charged 62-year-old Randall Lynn Stuckey with mail fraud in connection to an investment scam that cost investors millions of dollars. According to reports. Mr. Stuckey invested his clients’ money in the global currency markets. He set-up several entities, including The Stuckey Group, L.P. and The Stuckey Group II, L.P., in order to misrepresent the performance of his clients’ investments.
The multiple entities also allowed Mr. Stuckey to collect and keep certain fees, as well as prohibit his clients from pulling their investments. Mr. Stuckey led his clients to believe that their investments grew to $4.8 million. In truth, the investments were worth less than $1 million.
The federal government has also taken action to seize 20 accounts held by Mr. Stuckey. These accounts represent various business entities set up by him and are held at 10 different financial institutions. If successful, the government will liquidate the funds. Mr. Stuckey’s clients are expected to benefit from the liquidation.
If Mr. Stuckey is convicted of mail fraud, he could face up to 20 years in prison. Along with the prison sentence, he could also be fined up to $250,000.
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