Archives For Investment Scams

Eric Reilly, 34, Galloway, New Jersey, was sentenced to 36 months in prison and ordered to pay more than $3 million in restitution for conspiring to defraud owners of timeshare properties. The defendant would falsely state he was calling owners in response to a complaint they had made to timeshare developers and lenders.

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Gregory Fusca, 46, Palm Beach Gardens, Florida, was sentenced to 170 months in prison, in connection with his operation of RC Innovations, Inc. (RCI), a fraudulent timeshare company located in Palm Beach County. Among the false representations for which he was sentenced were claims that: RCI had buyers for their timeshare units; RCI had closing scheduled for their timeshares; and that RCI would actively market their timeshares to potential buyers.

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Jason George Rivera, Jr., 35, and Marc Christopher Harmon, 41, both of the East Bay, California, have been indicted and charged with eight counts of conspiracy and wire fraud for allegedly promising investors that their money would be used to fund efforts to purchase or trade collateralized mortgage obligations, fund short-term loans to banks, or invest in other ways.

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Barbra Alexander, 66, Monterey, California, was sentenced to nine years in prison and ordered to pay $6,306,770.96 in restitution following a trial in which she was convicted for her role in an investment fraud.

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Steven Jones, 46, Charlotte, North Carolina, was convicted after a three-day trial of racketeering conspiracy, securities fraud, wire fraud scheme to defraud investors and money laundering conspiracy.  His conviction is the latest in Operation Wax House, an investigation which began in 2007 and has netted 91 defendants to date, 86 of which have pleaded guilty or been convicted following a trial.

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Christopher Shawn Linton, 35, Alabaster, Alabama, was sentenced to five years and 11 months in prison for his role in an investment fraud scheme through which he submitted a fraudulent loan application to Iberia Bank for a $908,650 loan, and took more than $2.8 million from 12 investors spending the funds on a lavish home, private jets, championship football trips and island vacations.

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Ronnie Singleton, 41, Lithonia, Georgia, a business owner who held himself out to be an investor and loan broker, admitted his role in defrauding real estate investors of more than $800,000.
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Aldo Joseph Baccala, Petaluma, California, who ran a Ponzi scheme that defrauded victims more than $17 million, was sentenced to 20 years in state prison and ordered to pay a fine of $6.4 million at a hearing in Sonoma County, California.

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Rodney Walker, 44, Atlanta, Georgia, pleaded guilty before U.S. District Court Judge Richard J. Arcara, to wire fraud for his role in a scam whereby the defendant promised a standby letter of credit, which he could monetize into $100 million in loans.

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Marvin Solis, 30, Richmond, California, was sentenced on June 11, 2014, to 27 months in prison and ordered to pay restitution for a real estate investment fraud scheme he perpetrated against his relatives.

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