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June 25, 2018

Posted  June 26, 2018

Investment Fund operator Richard Wyatt Davis, Jr. was sentenced to 90 months in prison for defrauding investors of approximately $9.3 million. Davis, Jr. induced victim to invest in funds he controlled and then used those funds to pay expenses, repay other investors, and to pay himself. Davis, Jr. made a series of false representations to the victims to induce them to invest. For example, Davis, Jr. told investors he would invest in real estate, gold mines, and water production when in reality he did not intend to invest victim money in any of those ventures. USAO WDNC

Tagged in: Misrepresentations, Securities Fraud,