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.