Headlines that Matter for Companies and Executives in Regulated Industries
A federal jury in the Western District of Arkansas convicted four men of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering for their roles in an investment fraud scheme through an entity known as “The Brittingham Group,” created by one of the defendants.
According to the US Department of Justice (DOJ), court documents and evidence presented at trial revealed that between at least 2013 and 2021, the four defendants conspired to engage in an investment fraud scheme by falsely representing the nature of their investments and promising returns that they could not deliver. Victims were instructed to send money to bank accounts controlled by the co-conspirators, and the defendants then transferred the victims’ funds through a complex series of financial transactions to different bank accounts worldwide. Over the course of the scheme, victims were ultimately defrauded of more than $18 million.
The defendants face a maximum of 20 years in prison on each count. One co-conspirator was also convicted of money laundering, and he will face a maximum of 10 years in prison for that charge. A sentencing date has not yet been set.
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