NORFOLK, Va. – A West Valley Metropolis, Utah, man was sentenced in the present day to five years in jail for conspiracy to commit wire fraud as a part of an funding fraud scheme in opposition to principally aged victims.
In line with court docket paperwork, Tony Scott Sellers, 62, was a licensed insurance coverage salesman in Idaho. From about January 2011 by way of August 2017, Sellers, together with different conspirators, made materials misrepresentations and omissions to promote illiquid, extremely speculative funding automobiles that had been bought and managed by Daryl Financial institution, amongst others. Based mostly on these fraudulent representations, unsuspecting buyers cashed out of 401(okay) and different retirement accounts to buy the investments, with out understanding that 20% to 70% of their funds can be skimmed off the highest within the type of purported “charges.” In September 2021, Bank was sentenced to 35 years in jail for his position in a nationwide funding fraud scheme that resulted in over $25 million in losses to greater than 300 victims, most of whom had been aged.
Because of Vendor’s half on this funding fraud scheme, victims suffered losses in extra of $3 million. Many of the victims had been at or close to retirement age when Sellers and his co-conspirators defrauded them.
Jessica D. Aber, U.S. Lawyer for the Japanese District of Virginia; Brian Dugan, Particular Agent in Cost of the FBI’s Norfolk Area Workplace; Darrell J. Waldon, Particular Agent in Cost, Washington, D.C. Area Workplace, IRS-Felony Investigation (IRS-CI); and Daniel A. Adame, Inspector in Cost of the Washington Division of the U.S. Postal Inspection Service, made the announcement after sentencing by Senior U.S. District Choose Raymond A. Jackson.
Assistant U.S. Attorneys Melissa O’Boyle, Andrew Bosse, and Elizabeth Yusi prosecuted the case.
Combatting elder abuse and monetary fraud focused at seniors is a key precedence of the Division of Justice. Elder abuse is an intentional or negligent act by any person who causes hurt or a severe threat of hurt to an older grownup. It’s a time period used to explain 5 subtypes of elder abuse: bodily abuse, monetary fraud, scams and exploitation, caregiver neglect and abandonment, psychological abuse, and sexual abuse. Elder abuse is a severe crime in opposition to a few of our nation’s most susceptible residents, affecting no less than 10 p.c of older Individuals yearly. Along with our federal, state, native and tribal companions, the Division of Justice is steadfastly dedicated to combatting all types of elder abuse and monetary exploitation by way of enforcement actions, coaching and sources, analysis, sufferer providers, and public consciousness. This holistic and sturdy response demonstrates the Division’s unwavering dedication to preventing for justice for older Individuals.
A replica of this press launch is situated on the web site of the U.S. Attorney’s Office for the Japanese District of Virginia. Associated court docket paperwork and knowledge are situated on the web site of the District Court for the Japanese District of Virginia or on PACER by looking for Case No. 2:19-cr-47.