Florida Con Man Byers Accused of $6.8M Investment Scam

BATON ROUGE, LA – Wallace Byers, 59, of Miami, Florida, is facing serious federal charges after a grand jury indicted him on four counts of wire fraud and international money laundering. Byers, accused of running a multi-million dollar investment scam, pled not guilty at his arraignment today, but the evidence paints a damning picture of calculated deceit.

The indictment details a scheme where Byers allegedly identified victims through a disturbing combination of social media, purchased investor leads, and even lists of people previously targeted by other scams. Byers, operating under the name WBI Associates, LLC, reportedly cold-called, texted, and emailed potential marks, dangling promises of high returns through investments in everything from gold production to shadowy “dark pools.” But instead of legitimate investing, the feds say Byers funneled at least $6,888,000 directly into his own pockets.

The spending? Lavish. The indictment alleges Byers blew the stolen funds on personal expenditures, including a cool $10,000 per month in rent for a Miami hotel, leased luxury cars – a Ferrari among them – and frequent trips to the casino. Two of Byers’ victims resided right here in the Middle District of Louisiana, one in Baton Rouge and another in Baker, joining a long list of those allegedly swindled by the Florida man.

But the fraud didn’t stop at simply pocketing the cash. Byers is also accused of laundering $3,000,000 by wiring it to a Swiss bank account, a clear attempt to hide the source and ownership of the ill-gotten gains. This international element adds a layer of complexity to the case, and a stark warning about the global reach of these schemes.

“This indictment demonstrates how con artists can prey on our citizens with persuasive lies and false documents,” stated U.S. Attorney Brandon J. Fremin. “We remain focused on prosecuting the criminals who target our community with financial scams and abuse. Citizens always should be wary of callers who promise large financial returns, and should contact law enforcement if they believe that they have fallen victim to one of these scams.” Eric Rommal, FBI New Orleans Special Agent in Charge, added, “The FBI will continue to aggressively pursue those who prey on our elderly citizens through investment scams and other complex financial crimes.”

The investigation is being led by the Baton Rouge Resident Agency of the FBI, with Assistant U.S. Attorney Elizabeth E. White – also the Elder Justice Coordinator for the Middle District of Louisiana – handling the prosecution. This case is part of the Department of Justice’s Elder Justice Initiative, a program dedicated to combating financial exploitation of seniors. Remember: an indictment is not proof of guilt. Byers is presumed innocent until proven guilty in a court of law. For more information on protecting yourself from elder fraud, visit: https://www.justice.gov/elderjustice.

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