SAN ANTONIO – A father and son had been arrested and charged in reference to an alleged Ponzi scheme that defrauded traders out of greater than $800,000, in keeping with U.S. Legal professional Gregg N. Sofer and FBI Particular Agent in Cost Christopher Combs of the San Antonio division.
Earl Roberts Sr., 76, and Larry Roberts, 50, had been charged with one rely of conspiracy to commit wire and mail fraud, two counts of wire fraud, and two counts of mail fraud.
In accordance with courtroom stories, the duo owned and operated an organization “engaged within the enterprise of ‘factoring’ invoices and receivables from different firms.”
Their enterprise ceased operations in December 2016 however continued to solicit investor funds till February 2018, in keeping with authorities. Stories mentioned that “traders had been instructed that their cash would solely be used to issue receivables when in reality the defendants used investor funds to pay withdrawals and curiosity funds to earlier traders.”
The San Antonio residents had been arrested Monday with out incident, and so they have each been launched on bond, in keeping with stories.
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