Man Sentenced to 6.5 Years in Prison after $9.3 Million Ponzi Scheme
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 litigation. Contact us today for a FREE consultation.