Peoria, Ill. – In a stunning verdict, a jury convicted a Georgia man, Kenneth W. Lewis, 57, of operating a brazen fraud scheme that left investors reeling with losses totalling $5.5 million. The jury deliberated for less than one and a half hours on February 24, 2014, before finding Lewis guilty of four counts of wire fraud and 11 counts of money laundering.
During a five-day trial, which began on Tuesday, February 18, the government presented evidence that established Lewis offered investors the ability to generate income through highly secretive overseas financial transactions. However, evidence further revealed that Lewis obtained more than $5.5 million from investors to cover his living expenses while he was purportedly working on completing the details of non-existent transactions.
Lewis, 57, allegedly told investors that he had been living in Zurich, Switzerland, for seven years working on the transaction, when, in fact, he was living in a hotel in New Jersey, where he was arrested in July 2012.
The charges were investigated by the IRS Criminal Investigations and the U.S. Postal Inspection Service. Supervisory Assistant U.S. Attorney Darilynn J. Knauss and Assistant U.S. Attorney Bradley W. Murphy represented the government at trial on behalf of the Central District of Illinois, Peoria Division.
Lewis has remained in law enforcement custody since his arrest in New Jersey in July 2012. At sentencing, scheduled on June 25, 2014, he faces a statutory maximum penalty of up to 20 years in prison for each count of wire fraud and up to 10 years for each count of money laundering.
The case showcases the cunning tactics employed by scammers to swindle unsuspecting investors. Lewis’s scheme, which began in the late 1990s, highlights the importance of conducting thorough research before investing in any opportunity.
Lewis’s sentencing is set for June 25, 2014, and the outcome could have a significant impact on the lives of those who fell victim to his scheme. Grimy Times will continue to follow this case and provide updates as more information becomes available.
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Key Facts
- State: Illinois
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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