Gary Todd Smith, 40 Years for Wire Fraud, Florida 2017
Tampa, Florida – A 49-year-old advertising executive has been sentenced to 40 years in federal prison for his role in a massive fraud scheme that affected over 100 victims in the Tampa Bay area.
Gary Todd Smith, of Fayetteville, North Carolina, was sentenced on Friday, March 17, 2017 by U.S. District Judge Elizabeth Kovachevich for wire fraud and conspiracy to commit wire and mail fraud.
According to court records, Smith ran Smith Advertising, which turned into a massive fraud scheme. Smith borrowed money from more than 150 people, and each earlier loan was repaid from subsequent loans. Smith lied about the purpose of the loans, and he and his co-conspirators created fake documents to mask the scheme.
Over the course of the five-day sentencing hearing, the court heard from more than 50 victims who described the devastation wrought upon their lives by Smith’s massive fraud scheme. The victims suffered bankruptcies, loss of their homes, loss of retirement funds, and loss of their children’s education funds.
“This was a crime motivated by greed and a desire to fund an extravagant lifestyle,” said U.S. Attorney Maria Chapa Lopez. “We will continue to work with our law enforcement partners to vigorously prosecute those who defraud and steal from honest, hardworking Americans.”
Smith was also ordered to forfeit $63 million, an amount traceable to proceeds of the offense. He had pleaded guilty on June 7, 2017.
This case was investigated by the United States Secret Service and the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Thomas N. Palermo.
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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