California Man Sentenced for Running Ponzi Scheme

Allison Tussey —  January 31, 2011 — 10 Comments

Alfred Eugene Parker, 32, Woodland Hills, California, a man who bilked more than 20 victims out of approximately $2 million in less than one year, has been sentenced to 46 months in federal prison. Parker was sentenced by United States District Judge R. Gary Klausner, who remanded the defendant into custody at the conclusion of the sentencing hearing. Parker was sentenced after pleading guilty in September 2010 to three counts of wire fraud and one count of making a false statement to a bank.

Parker was a counselor at a non-profit agency that provided credit-repair advise to low-income families. In late 2006, Parker started an investment company – Skyline Investment Group – that he used to solicit investors with promises that their money would be used to help needy homeowners who were facing foreclosure on their homes. Targeting primarily African-American victims, including professional athletes and people in the entertainment industry, Parker and Skyline lured investors with “guaranteed” returns as high as 40 percent in less than three months.

Instead of using investors’ money to help distressed homeowners, Parker used the money to finance a luxurious lifestyle, which included a Rolls-Royce Phantom, two Ferraris, a $2.5 million home, and trips to high-end resorts in Hawaii and Santa Barbara. Parker also used some of the money to make Ponzi payments to earlier investors.

In November 2007, Parker sought a $1 million line of credit from Broadway Federal Bank. When applying for the loan, Parker submitted forged documents to the bank and falsely claimed that he had $2 million in savings and that he owned valuable real estate in Los Angeles and Cleveland. When the bank approved a $200,000 line of credit, Parker drew down the funds in less than two months.

During the sentencing hearing, victims told Judge Klausner that Parker had preyed on African American victims in their community and that he had presented himself as a religious man who would use their investments to help needy homeowners in the area.

The case against Parker is the result of an investigation by the Federal Bureau of Investigation.

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Allison Tussey

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10 responses to California Man Sentenced for Running Ponzi Scheme

  1. Does anyone have any feedback on Corporate Builders or Corporate Giants. I want to know if they are for real or not.

  2. I am thinking about going with these guys… How has your deal worked out?

    • DO NOT … THESE PEOPLE MAY NOT BE COMITTING FRAUD BUT THEY PROMISE THE WORLD AND DONT DELIVER. ITS TUFF TO PROVE THAT IS FRAUD(RED THE FINE PRINT) A CLIENT PURCHASED A 30K CORP. THATS ALL THEY GOT. NO FUNDING NO PAYDEX, NO NOTHING. THEY DONT RETURN THE CALLS AND ALL THE FUNDING IS BROKERED TO SOME GUY NAMED AL GARCIA WHICH CHARGES 20% FOR SOME EQUIPMENT LEASE BACKS. THIS IS RIDICULOUS BUSINESS. PLEASE IF YOU ARE TRYING TO GET A REAL BUSINESS STARTED DO NOT GO HERE. YOU WILL WASTE YOUR TIME AND MONEY.

    • Did you ever buy or work with Corp Giant or Corporate Credit Builders?

  3. Corporatin Giant of Beverly Hills Ca.
    are frauds under investigation for
    grand theft, bank fraud, lease fraud,
    DO NOT DO ANY BUSINESS WITH BILL OR JOHN
    DO NOT LET THE ADDRESS FOOL YOU THEY ARE
    CON ARTISTS.

  4. Corporation Giant of Bevely Hills Ca
    are frauds do not give these rauds a dime. We have over 40 clients that have filed criminal complaints against Bill and john

  5. Stephane Marchand February 1, 2011 at 3:46 am

    CFO’S R US of beverly Hills Ca.
    Are frauds. Under investigation for Grand theft. Bank Fraud, Lease Fraud
    , identity theft. We have over 40
    complaints and it is growing stay away from Bill And John of Corporation giant
    and CFO’S R US they try to hide by starting new co. but we will find them and expose them for the theives that they are.

  6. Stephane Marchand February 1, 2011 at 3:42 am

    CFO’S R US of Beverly Hills Ca.
    Are frauds. Do not buy or sell
    a co. with bill and john. Do not let the address fool you they are frauds and theives. They will promise the worls and they will steal your money.

    They stole 120,000.00 from me

    They are under investigation for bank fraud, Lease fraud, Identity theft, Grand theft. and we have over 40 people that have filed criminal complaints the list keeps growing.

    BEWARE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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