Andrew Malcolm Lovett, Securities Fraud, North Carolina 2024
CHARLOTTE, N.C. – A Utah resident pleaded guilty to orchestrating an investment scheme involving mining for precious metals, netting nearly $850,000 from over 30 investors.
Andrew Malcolm Lovett, 59, a former resident of Cornelius, N.C., currently residing in Utah, pleaded guilty to securities fraud and transactional money laundering before U.S. Magistrate Judge David C. Keesler.
According to filed plea documents and today’s plea hearing, from 2014 to 2016, Lovett executed a financial fraud scheme involving investments in mining projects involving precious metals.
Lovett fraudulently obtained nearly $850,000 from more than 30 investors, by inducing victims to invest in Safari Minerals, Inc. (Safari) and other entities with which Lovett was affiliated.
To induce victims to invest their money, Lovett falsely told them that their money would be used to grow Safari and to develop various purported mining projects.
Lovett was released on bond following his court appearance. The securities fraud charge carries a maximum penalty of 20 years in prison and a $1 million fine. The transactional money laundering charge carries a maximum prison term of 10 years and a $250,000 fine.
Assistant United States Attorneys Daniel Ryan and Caryn Finley, of the U.S. Attorney’s Office in Charlotte, are prosecuting the case.
Acting U.S. Attorney William T. Stetzer thanked IRS-CI, FBI, and the USPIS for its investigation of the case.
In related news, Lovett’s scheme has sent shockwaves through the investment community, highlighting the need for investors to carefully vet potential investments and be cautious of unsolicited investment opportunities.
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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