Authorities have announced charges against a “recidivist fraudster” who allegedly defrauded hundreds of investors with a Ponzi scheme.
On April 19, the U.S. Attorney’s Office for the Southern District of New York announced that Michigan resident Franklin Ray, 50, has been indicted on charges of conspiracy to commit wire fraud, wire fraud, and aggravated identity theft, in connection with various fraud schemes relating to his operation of a trucking business known as CSA Business Solutions LLC.
Authorities say that Ray was previously convicted of wire fraud and released from prison in 2010.
Ray and co-defendant Michigan resident Joseph Winget, 70, were arrested in early March 2022.
U.S. Attorney Damian Williams said: “We allege Ray used his purported trucking companies as vehicles for fraud, including by submitting fraudulent applications for small business loans during the Covid-19 pandemic, and by fleecing investors into giving him tens of millions of dollars to participate in a business that was a scam. Ray knew that his actions were illegal, having been convicted of similar crimes more than a decade ago. Ray may not learn a lesson from his latest actions, but he will face justice for them.”
Authorities say that starting in “at least” June 2021, Ray began to offer investors the opportunity to invest in CSA Business Solutions LLC.
From the U.S. Attorney’s Office:
“Specifically, Ray and the investors entered into contracts pursuant to which, for each $20,000…
