Roger Lee Clark was sentenced to 6.5 years in federal prison on May 16th.
Clark was charged with running a
Ponzi scheme that took at least $9.3 million from duped investors. That figure, however,
is thought to be only a small part of the total taken in a scheme spanning
at least 16 years.
Clark allegedly operated the scheme through CRM Investors Corp, which
he owned, and also set up many shell companies to hide money and evade
taxes. He then allegedly used the money to pay off prior investors, buy
collectible cars, and buy a $4 million home. All of Clark's property
has now been seized and is being sold to pay off the victims. On his 2007
taxes, Clark reported he only made $11,082. Clark reportedly had no formal
training in investments.
Some of the victims made statements or were present at the hearing, and
asked for tough sentencing. Clark was described as being able to lie to
people without being fazed, and had fought judgments from civil court
cases from victims. Some victims also allege that Clark still has millions
of dollars hidden in offshore accounts.
His apology for the way "things happened" failed to impress
Judge Janet Naff. “Let’s not kid ourselves, this is just theft,” she said.
The securities fraud attorneys with Meyer Wilson have experience representing
defrauded investors nationwide in securities mediation, arbitration, and
Contact us today for a FREE consultation.