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Bryan Lee Addington Charged with Investor Fraud Scheme Worth Over $3.5 Million
Bryan Lee Addington, a 55-year-old man from Ethel, Louisiana, has been charged with a massive investor fraud scheme worth over $3.5 million. The scheme, which lasted from January 2010 through at least April 2016, allegedly involved Addington soliciting and obtaining money from numerous victim investors under false pretenses.
According to the indictment, Addington falsely represented to his victims that their money would be invested in real estate and land, insurance products, and stock, and would be used to purchase insurance policies. He also allegedly promised his victims guaranteed returns on their investments.
However, the indictment alleges that Addington hid from his victims the fact that he had been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public by the Financial Industry Regulatory Authority.
Once Addington was in control of the victim investors’ funds, he allegedly diverted a substantial portion of the funds to his own personal use, including spending at high-end restaurants and casinos, and purchasing Louisiana State University athletic tickets.
The U.S. Attorney’s Office for the Middle District of Louisiana, the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation Division, and the Louisiana Office of Financial Institutions are handling the case, with Assistant United States Attorneys Ryan Rezaei and Ryan Crosswell prosecuting.
Addington has been charged with five counts of mail fraud, in violation of Title 18, United States Code, Section 1341, and one count of aggravated identity theft, in violation of Title 18, United States Code, Section 1028A.
The case is currently ongoing, and Addington is presumed innocent until and unless adjudicated guilty at trial or through a guilty plea.
At the time of writing, there is no information available on the sentence or outcome of the case.
Key Facts
- State: Louisiana
- Category: White Collar Crime|Financial Crimes
- Source: DOJ Press Release â†â€â€
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