Federal authorities: 4 Arizona men, Texas resident indicted in $160 million Ponzi scheme
By APThursday, December 10, 2009
4 Arizona men indicted in Ponzi scheme
PHOENIX — Authorities say four Arizona men and a Texas resident have been indicted in a $160 million Ponzi scheme.
A 40-count federal indictment unsealed Thursday charges most of the men with mail fraud, wire fraud and money laundering.
Charged in the case are 38-year-old Guy Andrew Williams of Mesa, 62-year-old Brent F. Williams of Mesa; 46-year-old Douglas Edward Towler of Scottsdale, 43-year-old Russell Laurence Sewell of Mesa and 38-year-old Duane Hamblin Slade of Austin, Texas.
The indictment alleges that between February 2002 and April 2005, the defendants induced victims to invest millions of dollars in a fund designed to make loans to third-party borrowers at a high interest rate.
But authorities say the defendants used the money to fund businesses and entities they controlled and to finance their extravagant lifestyles.
Tags: Arizona, Fraud And False Statements, Indictments, Mesa, North America, Phoenix, Texas, United States