Gross, from Porter Ranch, 캘리포니아, would cold-call potential investors, according to the DOJ, and then pass along interested parties to Tager and Shoucair, who would obtain funds from the victims.
“What investors did not know was that Tager and Shoucair first met while serving multi-year federal prison sentences together for previous fraud related convictions,” reads the release. 에 2005, Tager was serving a two-year sentence for mail fraud when he met Shoucair, who was serving a five-year prison sentence for running a $ 50 million telemarketing fraud, 관계자에 따르면.
Victims of the new scheme were told the money they invested would be used to pay for space, equipment and material to develop Mangrum’s supposed breakthrough process, according to the DOJ, and that once it was developed it would generate huge returns for investors. 대신, Tager, Shoucair and Mangrum formed a consulting business and made “fraudulent statements to investors to secure funding that was only partially used to support the business, which was never profitable.”
To make their scheme seem legit, the trio created a website for the business, according to the DOJ, that said it owned an 80-acre mining claim with a substantial amount of mineral-rich ore and that their revolutionary mining technology could achieve 20 times the yield of traditional mining at a fraction of the cost. It also promised that “investors would achieve 100% percent returns on their money in 12 months.”
전체적으로, $ 8 million was raised from investors through the use of a national telemarketing strategy, according to the DOJ. Officials estimated that only $ 3 million of the funds was used to pay for potentially legitimate business expenses.
“하나, three million dollars of investors’ money was spent for the personal benefit of Tager, Mangrum, and Shoucair, with another two million dollars of the funds going to pay telemarketers, including Gross, who helped raise the funds,” reads the release.
The Utah US Attorney’s Office prosecuted the case. The investigation was a collaboration by the Utah Department of Commerce Division of Securities, FBI and IRS.
Shoucair, from North Hills, 캘리포니아, was sentenced last October to 72 months in federal prison for conspiracy to commit wire and mail fraud and money laundering.
Mangrum, from South Jordan, 유타, was sentenced in November to 48 months in federal prison for conspiracy to commit wire fraud and money laundering.
Gross was sentenced January 16 ...에 24 months of probation for failing to disclose to federal authorities that he had knowledge that securities fraud was occurring.