Richard Patterson, also known as Xavier Carter, is facing a world of hurt after being arrested in California on a Hawaii indictment. The feds allege Patterson and his crew – Dashawn Hill and Judy Ramos – ran a classic swindle, taking over $2.5 million from investors with nothing but empty promises. This wasn’t a bad investment gone sour; it was a deliberate scheme to line their pockets.
The scheme, dating back to July 2015, revolved around what prosecutors are calling an “advanced payment scheme.” Patterson, Hill, and Ramos convinced victims to hand over upfront cash, guaranteeing massive returns in a short timeframe. But here’s the kicker: that money never touched an investment account. It disappeared into personal expenses – credit card bills, rent, entertainment, the usual suspects.
Patterson, operating under the alias “Xavier Carter,” played the part of a successful financial guru to perfection. Reports indicate he even affected a fake accent to appear more credible. It was a calculated deception designed to build trust and separate investors from their money. He and Ramos are now also facing money laundering charges, adding another layer of complexity to the case.
The numbers paint a grim picture. Over $2.5 million was solicited from unsuspecting investors. A paltry $163,000 was ever returned, and even that came from funds pilfered from other investors – a blatant Ponzi-like tactic. The feds are determined to recover as much of the stolen money as possible, but the chances of full restitution appear slim.
Patterson made his initial court appearance in the Central District of California, where he was informed of the charges. Hill and Ramos, also former Hawaii residents, are expected to be arraigned shortly. If convicted of conspiracy and wire fraud, each defendant faces significant prison time and hefty fines. The money laundering charges carry even stiffer penalties.
Federal prosecutors are sending a clear message: financial predators will be held accountable. This case is a stark reminder that promises of quick riches are often too good to be true. The FBI and the U.S. Attorney’s Office are committed to unraveling these schemes and protecting the public from becoming the next victims. While Patterson may have thought he could outrun the law, his California arrest proves that the feds have a long reach.
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