Montgomery, Alabama – Edward Lincoln Forehand, 68, from Dothan, has been convicted on multiple counts of securities fraud, mail fraud, wire fraud, and money laundering, totaling over $3 million in losses to 87 investors.
The scheme, operated under the guise of ‘USA Marketing,’ lured victims with promises of high returns up to 700% through Elite Marketing. Instead of investing in Elite as promised, Forehand funneled much of the proceeds into personal expenses and property purchases.
Between 2006 and November 2009, Forehand received $6.2 million from investors but only transferred $1.6 million to Elite, while promising payback of over $19 million. Elite’s checks totaling $600,000 bounced in August 2009, marking the end of investor payouts.
Forehand concealed his partner Vicky Yeager’s criminal past and her business’s financial troubles, contributing to the investors’ losses of nearly $3 million after her death in November 2009.
Criminal Chief Louis V. Franklin emphasized that such scams will be prosecuted to the fullest extent of the law. The Alabama Securities Commission Director expressed hope that this conviction would provide relief to victims and deter future financial fraudsters.
Forehand’s sentencing is scheduled for August 2, 2013, with potential sentences ranging up to 50 years imprisonment. The case was a collaborative effort involving the Alabama Securities Commission, FBI, Dothan Police Department, and U.S. Marshal Service.
Related Federal Cases
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- Dothan’s Edward Forehand Jailed For 90 Months In Ponzi Scheme · Alabama
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Key Facts
- State: Alabama
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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