Posted by CotoBlogzz
Rancho Santa Margarita, CA - Malachai Levy. born Ralph Maurice Metters, of Corona, who operated a fraudulent foreign currency exchange investment house and who arranged for an unauthorized wire transfer from a Pennsylvania car dealership was sentenced today by United States District Judge John F. Walter to 108 months in federal prison, and to pay $1,303,307 in restitution, according to FBI announcement.
Levy pleaded guilty in January 2015 to conspiring to commit wire fraud and admitted both the fraudulent wire transfer and defrauding investors who thought their money would be used in connection with foreign currency investments with various companies, including Omni Finance and Mo Betta Advisors.
In relation to the fraudulent wire transfer, an unknown person hijacked the online banking profile of an account belonging to a Lexus dealership in Haverford, Pennsylvania, according to court documents. An online request was made in 2013 that resulted in a fraudulent wire transfer of $556,375 to Levy’s Omni Finance account in California.
In relation to the fraudulent investment scheme, in 2013 the owner of a Tennessee bakery business invested $500,000 with Levy, who promised that the money would be used to make foreign currency trades. Even though the investment was supposed to remain in an escrow account, the money was soon disbursed after Levy submitted notarized paperwork with the victim’s forged signature.
The case against Levy was compiled by the Federal Bureau of Investigation, the United States Secret Service and the Hawthorne Police Department.
No comments:
Post a Comment