To Recruit Investors, the Defendant Falsely Promised Investor Victims that Investing with 1stt Million Would Help Them Achieve Personal Wealth and Financial Freedom
GREENBELT, Md. – A federal jury in Maryland convicted Arley Ray Johnson, age 63, of Bowie, Maryland, on charges of conspiracy, wire fraud, and securities fraud, in connection with a $28 million Ponzi scheme involving 1st Million, a purported wealth management and financial literacy company. Johnson was convicted late yesterday after a 10-day trial.
The conviction was announced by United States Attorney for the District of Maryland Erek L. Barron; Special Agent in Charge Thomas J. Sobocinski of the Federal Bureau of Investigation, Baltimore Field Office; Special Agent in Charge Matthew R. Stohler of the United States Secret Service – Washington Field Office; and Postal Inspector in Charge Damon E. Wood of the U.S. Postal Inspection Service – Washington
According to the evidence presented at his trial, Johnson conspired with his co-defendants, including 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, Maryland.
According to trial evidence, 1st Million presented itself as a wealth management and financial literacy…
