Dr. David Williams, a licensed securities dealer and investment adviser in Sherman Oaks, California, cheated 60 investors in a real estate scam, according to the Federal Bureau of Investigation. He stole more than $3.75 million from his victims.Continue Reading
Williams, the former CEO of brokerage and investment firm Morgan Peabody, Inc., pleaded guilty in May of 2015 to three charges of wire fraud and two counts of tax evasion, reports the FBI. In the details of the plea agreement, Williams admitted that he had directed the representatives of his firm to sell securities in a real-estate investment fund he personally created.
Williams then used much of the invested money to pay for his personal expenses, which included a lease on a residence in Toluca Lake, California, costing $6 million, adds the FBI. The plea agreement also mentions that the investment adviser failed to file tax returns for 2007 and 2008, and that he neglected to report more than $2.3 million in received income. These evasions came to light during an investigation conducted by agents of the Federal Bureau of Investigation and IRS - Criminal Investigation.
Williams has agreed to pay the government an additional $771,881 in taxes, notes the FBI. He may spend up to 70 years in federal prison.Learn more about Vitamins & Supplements