Related Federal Cases
Father and Son Sentenced for $3.8M Gold Futures Scam
Tampa, Florida – In a shocking turn of events, a father and son duo, John Henley Fowler and Jeffrey Robert Fowler, have been sentenced for their roles in a massive $3.8 million gold futures scam.
U.S. District Judge Susan C. Bucklew handed down the sentences, with John Fowler, 64, of Ft. Myers, receiving 5 years and 10 months in federal prison for conspiracy to commit mail and wire fraud. His son, Jeffrey Robert Fowler, 35, of Ft. Myers, was sentenced to 3 years and 1 month in federal prison on a similar charge.
As part of the sentence, the court ordered the forfeiture of bank accounts, vehicles, real property, computer equipment, a big screen television, iPad, and iPhone, which are traceable to proceeds of the fraud scheme. The court also ordered a money judgment in the amount of $3,771,701.88, the proceeds of the fraud scheme.
In a related civil forfeiture proceeding, the government had already forfeited more than $2 million in fraudulent proceeds. The U.S. Attorney’s Office will seek approval to have these funds distributed to the victims of this crime.
According to court documents, from about December 2010 through November 2011, conspirators developed a plan to use false and fraudulent representations to solicit victim-investors to wire funds into bank accounts, which they controlled, for investment in a purported gold futures program. The investment program was supposedly run by an existing New York-based investment firm called Paulson & Co., Inc.
The Fowlers caused the incorporation of a Florida corporation named Paulson & Co., Inc. (Paulson-Florida), leased office space for the corporation in Ft. Myers, and opened bank accounts in the name of the corporation, all for the purpose of making Paulson-Florida appear to be legitimate. The Fowlers and their co-conspirators fraudulently represented that Paulson-Florida was a branch office of the real Paulson & Co., Inc. In fact, there was no connection whatsoever between the two entities.
John Fowler pleaded guilty on September 19, 2012, while Jeffrey Fowler pleaded guilty on September 18, 2012. This case was investigated by the United States Secret Service and the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Rachelle DesVaux Bedke.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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