Two more men have been convicted for their alleged participation in an
attempted high-yield investment scam. According to the Department of Justice,
it is believed that the men attempted to pitch the high-yield investment
scheme to a wealthy investor and asked for a $1 billion investment. Unfortunately
for the accused, but fortunately for unsuspecting investors, the wealthy
investor involved was actually an undercover FBI agent.
William J. Ferry, 70, and Dennis J. Clinton, 64, both of California, were
convicted on charges of conspiracy, wire fraud, and mail fraud in connection
with the attempted scam. According to court records, it is believed that
the two men were part of a group of people who were promoting very
high returns through an investment that they claimed was regulated by the Federal Reserve
Bank. The investor was allegedly told that a portion of the investment
returns would go into humanitarian efforts, and that they already had
billions of dollars in a foreign bank account. However, the claims were
apparently fraudulent, and Ferry and Clinton will face sentencing on February 1, 2013.
Ferry and Clinton were not the only men accused of participating in the
scam. Paul R. Martin, 63, of New Jersey, was convicted earlier this year
of conspiracy, mail fraud, and wire fraud in association with the alleged
scam and also faces sentencing next February. In addition, Brad Keith
Lee, of California, was convicted in 2009 and sentenced to two years in
prison. John Brent Leiske, of Oregon, was convicted earlier this year
and faces sentencing in September. Two more men were either acquitted
or had charges dismissed, and one man in the case is still a fugitive.