Geoffrey Wescott James, Wire Fraud, Montana 2023

State: Montana
Category: White Collar Crime
Source: <a href="https://www.justice.gov/usao-mt/pr/colorado-man-who-defrauded-montana-family-nearly-400000-african-gold-investment-scheme" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

GREAT FALLS, Montana — A Colorado man has been brought to justice for his role in a brazen investment scheme that left a Montana family reeling after losing nearly $400,000.

Geoffrey Wescott James, 59, of Denver, Colorado, pleaded guilty in July to wire fraud. On [date], he was sentenced to 27 months in prison and fined $5,000, to be followed by three years of supervised release, as determined by U.S. Attorney Jesse Laslovich.

Chief U.S. District Judge Brian M. Morris presided over the case and also ordered James to pay $391,280 in restitution. Additionally, James was allowed to self-report to custody.

According to court documents, James falsely claimed he would receive payments from the victims, which he would then transfer to Africa on behalf of the victims for investments in overseas gold. The investment appeared enticing to the victims due to its high rates of return in a short period of time.

However, James spent the money on items for himself and for other unauthorized purposes, rather than transferring it overseas as promised. When the victims questioned where their money was located and demanded that it be returned, James repeatedly claimed the money would be repaid soon, none of which was true.

James defrauded a family in Hill County of $391,280 in the scheme, which took place from May 2019 until September 2020.

Assistant U.S. Attorney Ryan G. Weldon prosecuted the case, which was investigated by the FBI.

James will face the consequences of his actions as he begins his 27-month prison sentence. The case serves as a reminder of the importance of being cautious when investing and the severe consequences of falling prey to such schemes.

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