The federal fraud trial against an Owensboro man charged with allegedly running a Ponzi and pyramid scheme that netted millions of dollars continued Monday, with testimony of a former defendant in the case who pled guilty in exchange for agreeing to testify at trial.
Richard G. Maike, of the 3700 block of Briarcliff Trace, was charged with conspiracy to commit mail fraud, money laundering, tax evasion and securities fraud. Maike is on trial with co-defendants Doyce G. Barnes of Goldsboro, North Carolina and Faraday Hosseinpour, of Jackinsonville, Florida. Two other defendants are awaiting trial.
The defendants were charged with allegedly receiving millions in funds for their company Infinity to Global, or I2G. The criminal complaint says people believed they were investing in an online casino, a social media platform and a music platform, but that the casino never made a profit and that the programs had major errors or were already available elsewhere for free.
“Profits” were really just payments made to older members of the pyramid from “investments” made by newer members, according to the FBI complaint.
Maike allegedly received over $12 million in investor funds between June 2013 and September 2014.
Monday morning, jurors heard from Richard J. Anzalone, who previously pleaded guilty.
