TEN CONVICTED IN BROKERAGE ACCOUNT SCHEME
(Dallas) U. S. Attorney Walter Gibbs announced that ten (10) individuals were convicted of conspiracy and conspiracy to launder funds following their pleas of guilty before United States District Judge Bob Vicks. Tanya Boggs (27), Ryan Staley (32), Mike Ennis (31), Margo Kellison (21), and Nina Gummer (25) were convicted of conspiracy to launder funds and face a maximum statutory sentence of 20 years in federal prison and a $500,000 Fine. Geri May (31), Shannon Nelson (28), Erin Cameron (27), Paul Shultz. (27), and Mike Nelson (23) were convicted of conspiracy to commit mail fraud and face a maximum statutory sentence of five (5) years in federal prison and a $250,000 fine. Sentencing is scheduled for January 29, 2002.
The charges against the group arose from an investigation into the theft of numerous business checks from U.S. Postal facilities in the Dallas area. The investigation revealed that Ryan Staley obtained stolen and counterfeited checks for use in the scheme. Staley also recruited the co-conspirators to open investment accounts at Fidelity Investments.
A stolen or counterfeit check was mailed to Fidelity Investments for use as the initial deposit for individual brokerage accounts, however, not all of the investment accounts were successfully funded. Only the accounts in the names of Boggs and Staley were credited with funds. Once the investment account was successfully funded with the stolen or counterfeit check, the co-conspirators would direct Fidelity Investments to wire transfer the funds from the investment accounts to accounts which had been set up at local banks.
When the funds were transferred, the co-conspirators would withdraw the money in amounts of less than $10,000 in order to avoid the cash transaction reporting requirements. The total amount of stolen and counterfeit checks involved in the scheme exceeded $1,000,000 but actual losses were much less due to the diligence of the Fidelity Investments Fraud Investigators and the United States Postal Inspection Service.
MANY OF THESE PEOPLE WORK OR WORKED FOR TCT!