Hundreds were convinced to invest in or send money to misrepresented companies owned by several of the scheme leaders, and they cashed out their 401(K) to do so.
VIRGINIA, USA — Author’s note: The video above explains how you can avoid online scams. It aired on Aug. 25.
Two men were sentenced to over a decade in prison Tuesday for their role in an investment fraud scheme that cost elderly victims millions of dollars.
From 2011 to 2017, David Alcorn of Arizona and Aghee William Smith II of California were part of a conspiracy scheme that took place in California, Arizona, Florida, Idaho, and Hampton Roads, Virginia.
Alcorn and Smith II will serve 15 years and 5 months and 13 years in prison, respectively, for conspiracy to commit mail and wire fraud and money laundering, the U.S. Attorney’s Office for the Eastern District of Virginia said.
These two men are the latest in a list of conspirators who have been charged and sentenced in connection to these crimes.
Hundreds of people were convinced to invest in or send money to misrepresented companies owned by several of the scheme leaders, and they cashed out their 401(K) retirement accounts to do so.
Their money was then transferred…
