Prescott Scammed Investors in Currency Scheme

BOSTON – Another grifter preying on hope and greed. David Prescott, 44, formerly of Boston and recently residing in Arizona, is facing 16 counts of wire fraud after allegedly fleecing investors through his foreign currency trading company, Cambridge Currency Partners, LLC (CCP). The indictment, unsealed today, paints a picture of a calculated scheme to line Prescott’s pockets at the expense of trusting victims.

Prescott, who also operated under the alias David Weeks, was arrested today in Arizona. The feds allege he falsely promised investors monthly returns – ranging from a deceptively low 1% to a dangerously high 6% – with “little to no risk.” This was a bald-faced lie. Instead of legitimately investing funds, Prescott allegedly used the money to fund a lavish lifestyle and, crucially, to pay off earlier investors – the classic hallmark of a Ponzi scheme.

The indictment details a pattern of deceit. Prescott allegedly fabricated account balances, sending out payments that *looked* like interest but were simply recycled funds from new victims. He even had the gall to solicit additional investments from the same people he’d already drained, promising even higher returns while knowing full well their initial investments were long gone. One email cited in the indictment details Prescott promising increased interest to an investor if she’d just send more money – a brazen act of manipulation.

Prosecutors are building a case for maximum penalties. If convicted on all counts, Prescott faces up to 20 years in federal prison, three years of supervised release, a hefty fine of $250,000 (or twice the amount of money he stole, whichever is greater), and an order to make full restitution to his victims. However, it’s a grim reality that sentences handed down in federal cases often fall short of the maximum.

The announcement came from U.S. Attorney Carmen M. Ortiz and Vincent B. Lisi, Special Agent in Charge of the FBI’s Boston Field Division. Assistant U.S. Attorney Alexander H. Berlin is leading the prosecution from Ortiz’s Economic Crimes Unit. This case is part of a larger effort coordinated by President Obama’s Financial Fraud Enforcement Task Force – a multi-agency operation designed to crack down on financial criminals.

Let’s be clear: these are allegations. Prescott is presumed innocent until proven guilty. But the details laid out in the indictment are damning, and the Grimy Times will be watching closely as this case unfolds. Another day, another predator exposed. We’ll continue to report on the fallout and keep our readers informed as justice – hopefully – is served.