David Saks: ANOTHER ATTORNEY WAS PONZI SWINDLER - NEARLY $8 MILLION FRAUD

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

ANOTHER ATTORNEY WAS PONZI SWINDLER - NEARLY $8 MILLION FRAUD

Former Attorney Pleads Guilty to $7 Million Ponzi Scheme

U.S. Attorney’s Office October 15, 2012
  • Southern District of Texas (713) 567-9000
 

Billy Frank Davis, aka Bill F. Davis, a former attorney residing in Houston, has pleaded guilty to one count of wire fraud in connection with his investment fraud scheme that victimized more than 20 investors of approximately $7.8 million, United States Attorney Ken Magidson announced today.

During the past 10 years, Davis, 67, held himself out to friends and potential investors as being involved in the real estate investment business.

While Davis did conduct some legitimate business activity during this time period, a substantial portion of the funds he solicited were simply part of a Ponzi scheme Davis was operating in an effort to satisfy old debts and to fund his personal lifestyle.

In acknowledging his criminal conduct earlier this morning before U.S. District Judge David Hittner, Davis admitted to using a variety of ploys to perpetuate his Ponzi scheme, all of which involved falsely representing to investors the existence or nature of various real estate investment opportunities, accepting funds from investors under such false pretenses and then using the investor funds in a manner other than as represented to investors.

Although Davis pleaded guilty to a single count, Davis admitted to the entirety of his fraudulent scheme and agreed to be held accountable at sentencing for all of the losses incurred by his victims.

Davis will be sentenced by Judge Hittner on January 11, 2013, at 9:45 a.m., at which time Davis faces up to 20 years’ imprisonment, a $250,000 fine, and up to three years’ supervised release.

FBI investigated and the case is being prosecuted by Assistant United States Attorney Jason Varnado.

source: FBI



David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • October 15 2012 04:43PM

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