PRINCE GEORGE’S COUNTY, MD — A 63-year-old Bowie man has been convicted by a federal jury on charges of conspiracy, wire fraud and securities fraud in connection with a $28 million Ponzi scheme involving 1st Million, the front for a wealth management and financial literacy company.
Arley Ray Johnson was convicted after a 10-day trial. Johnson faces a maximum sentence of 20 years in federal prison for a wire fraud conspiracy and for each count of wire fraud; a maximum of five years in federal prison for a securities fraud conspiracy; and a maximum of 20 years in federal prison for each count of securities fraud. His sentencing has been scheduled for Jan. 5, 2023.
According to the evidence presented at his trial, Johnson conspired with his co-defendants, Dennis Mbongeni Jali and John Erasmus Frimpong, to defraud investors through several related entities including The Smart Partners LLC, which did business as “1st Million Dollars” or “1st Million.” Johnson served as the chief operating officer for 1st Million, which was headquartered in Largo.
According to trial evidence, 1st Million presented itself as a wealth management and financial literacy company, with its core business offering being a 12-month guaranteed investment contract. These investment contracts, entitled “Corporate Guarantees,” represented that the client’s principal would be invested in foreign currency or cryptocurrency and guaranteed individuals who invested money with 1st Million monthly…
