BUFFALO, N.Y. - U.S. Attorney James P. Kennedy, Jr.
announced today that Raymond Clark, 41, of East Amherst, NY, pleaded guilty to
wire fraud and money laundering, before Chief U.S. District Judge Frank P.
Geraci. The charges carry a maximum penalty of 20 years in prison and a
$250,000 fine.
Assistant U.S. Attorney Elizabeth R. Moellering, who is
handling the case, stated that Clark induced three victims to send him $870,000
for supposed investments, including investments in hedge funds and publicly
traded companies. Instead of investing the monies as promised, the defendant
kept the money and spent it on personal expenses. As part of the plea
agreement, Clark will pay restitution to the victims.
The plea is the result of an investigation by the Federal
Bureau of Investigation, under the direction of Special Agent-in-Charge Gary
Loeffert, and the Internal Revenue Service, Criminal Investigation Division,
under the direction of James D. Robnett, Special Agent in Charge, New York
Field Office.
Sentencing is scheduled for November 15, 2018, at 11:00 a.m.
before Chief Judge Geraci.
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