.NExT Web Security - Fighting 419 (Nigerian Advanced Fee Fraud) and other internet scams. Providing International Law Enforcement, investigators and anti-scam specialists with effective tools to combat internet crime.
Serving International Law Enforcement, Investigators and Anti-scam Specialists
Countries visiting Next Web Security - 419 Nigerian Advanced Fee Fraud

Scam & Fraud News

Federal Judge in Del Rio Sentences Three Men to Prison for Multi-Million Dollar Investment Scheme

Department of Justice, U.S. Attorney’s Office, Western District of Texas - 19-02-08a
Click here for original article
      Back to Articles

Department of Justice, U.S. Attorney’s Office, Western District of Texas

In Del Rio this week, a federal judge sentenced a Del Rio man and two other men to federal prison for conducting an advanced fee investment scheme through which they obtained in excess of $5 million from their victims, announced U.S. Attorney John F. Bash and F.B.I. Special Agent in Charge Christopher Combs, San Antonio.

On Wednesday, U.S. District Judge Alia Moses sentenced Kelly Ray Coronado, 51, of Del Rio, to 51 months in federal prison. Judge Moses also sentenced co-defendants James Edward Cox, 59 of Waxhaw, NC, and Gordon Richard Moskowitz, 55, of Sarasota, FL, to 78 months imprisonment and 46 months imprisonment, respectively.

In addition to the prison terms, Judge Moses ordered Cox and Coronado to forfeit to the government their respective residences which were used to conceal the illicit proceeds gained from their scheme and to pay, joint and severally, $4,249,478 in restitution to their victims. Judge Moses also ordered Moskowitz liable, along with Cox and Coronado, for $3.1 million of the total restitution in this case.

Cox and Coronado pleaded guilty to one count of conspiracy to commit wire fraud; Moskowitz, one count of conspiracy to commit money laundering. The defendants admitted that from January 2010 to January 2017, they implemented a high-yield investment scheme to obtain money from multiple victims under false pretenses, promises and representations. Furthermore, they preyed on vulnerable parties – most of whom operated international non-profits – by promising them large-scale financing in exchange for upfront payments. Using a tapestry of deceit involving fake business entities, websites, and aliases, the defendants collected upfront payments from their victims, then worked together to frustrate law enforcement detection and victim redress.

Federal Bureau of Investigation special agents in Del Rio, Tampa and Charlotte conducted this investigation. Assistant United States Attorney Paul T. Harle prosecuted this case on behalf of the Government.


 

Tags: investment, scheme, Kelly Ray Coronado, James Edward Cox, Gordon Richard Moskowitz, wire fraud, money laundering, advance fee, high-yield investment

Back to Articles

 


Please visit our sponsors

Wounded Warrior Project