David Boyer Prince was sentenced to 7 years imprisonment on wire fraud charges. In addition, the accused has also been asked to pay a fine, according to an announcement made by US attorney, Melinda Haag. The sentence was pronounced in a federal court after a 3 week trial.
Jury Yet to Give a Verdict on 2 Other Charges
49 year old David Boyer has been convicted of 5 counts of fraud. The jury is yet to take a decision on two other wire fraud charges against David Boyer. According to investigation reports, David Boyer was involved in investment fraud schemes between 2005 and 2007. More than 30 victims have been defrauded by him.
Investors Promised Good Return on Money
David Boyer promised investors that their money will yield great returns. Investors were told that their funds were put into the stock market and that they will receive 25% interest every month. False statements were also given to the Texas State Securities Board by the alleged regarding the investment schemes he carried out. Through risk trading, Boyer lost most of his investors' funds. Reports suggest that investors' money was intentionally used by Boyer to pay back others from whom he had taken money before. Boyer also allegedly used his investor's money for personal use such as paying credit card bills.
Boyer’s Investors in Severe Financial Distress
Some of the victims of Boyer’s fraudulent schemes are in great financial distress now. Some have lost their homes. Some couldn’t pay for their children’s education. The judge who pronounced Boyer's sentence also ordered the alleged to surrender himself.
Christopher Morales is an experienced San Francisco Criminal Lawyer. To get a consultation with San Francisco White Collar Criminal Defense regarding similar fraud cases, call us.