A 42-year-old piece was sentenced to 10 years inward prison on Th for allegedly defrauding more than a dozen investors in a coordination compound swindle. The six-year intrigue raised over $1 million. Some of the money was spent gaming at casinos, prosecutors said.

Sean T. Johnson, also known as Ted Shawn Johnson, who in conclusion resided inward Dallas, was sentenced by federal District Margaret Court Judge Richard J. Leon in Washington, DC.

After the prison house term, Lyndon Baines Johnson testament follow placed on supervised waiver for tetrad years.

Investors Lost Life Savings

Johnson must also pay off restoration to victims of the scheme. Most victims lost their living savings, ruined their credit entry score, and went into foreclosure or failure because of the fraud, prosecutors said.

The plot of ground took place betwixt September 2012 and October 2018. LBJ was arrested inwards Oct 2018. He has been inwards custody since his apprehension.

In 2019, Lyndon Baines Johnson pled shamefaced to i reckon to each one of wire put-on and provoked identity element theft.

Based on a federal inquiry, prosecutors say Dr. Johnson misled victims into investment into non-existent entities. Andrew Johnson also lied virtually relationships with celebrities, his meshwork worth, and other things to encourage the investments, according to a statement from Washington, DC US Attorney Saint Matthew the Apostle M. Graves.

In gain to outlay the proceeds inward casinos, President Johnson used the money to purchase sumptuousness automobiles, intriguer clothes, drinks at nightclubs, and tickets to sporting events, Robert Graves said.

Sales Pitch Tailored to Investor

Johnson also allegedly posed as a wealthy investor and successful businessman, the financial statement adds. Dr. Johnson wide-ranging his draw close depending on the personality, gender, and lifestyle of the victim, Graves said. But on that point were some similarities inward his sales pitch.

The scam almost e'er began with the defendant flashing money close the victim, name-dropping famous person friends who were investors inward his ventures, talking up his business sector acumen, and offering to aid his friends go wealthy, the likes of him,” Graves claimed in the statement.

To convince the investors, Dr. Johnson wore expensive intriguer clothes, bragged well-nigh his wealth, and claimed he owned expensive houses, prosecutors said.

He regular came upwards with “promissory notes” that elaborate investments.  He allegedly promised to compensate rearwards the amount listed inwards the promissory notes.

The FBI’s Washington, DC field of operations power and statements past victims of the rig were Florida key inwards convicting Johnson, Robert Graves said.

This news is presented to you by the dahmain.com.