Investment Fraud Leads to Guilty Plea by St. Louis Man
A St. Louis area man has entered guilty pleas for
investment fraud involving more than $2.4 million. According to the United States Attorney’s
Office, 62-year-old Randall Lynn Stuckey defrauded more than 50 unsuspecting
Mr. Stuckey operated his alleged investment scam between 2007 and July 2010 where he invested his client’s money in the global currency markets. He reportedly misrepresented the performance of the investments to his clients in order to benefit from additional fees. His actions dissuaded his clients from pulling their investments.
According to prosecutors, in July 2010, Mr. Stuckey reported to investors that their investments were worth approximately $4.8 million, when in fact the value was believed to be only about $900,000.
Mr. Stuckey has also been accused of falsifying investor’s account statements.
The accused scam artist has pleaded guilty to one count of fraud and one count of mail fraud. Both charges could result in up to 30 years in prison and over $1 million in fines.
The St. Louis man’s sentencing is scheduled for January 25, 2011.