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Georgia Man Sentenced to 22 Years for $5.5M Fraud Scheme
Peoria, Ill. – A 57-year-old man from Georgia has been sentenced to 22 years and 7 months in federal prison for his role in a $5,565,406 wire fraud and money laundering scheme.
Kenneth W. Lewis, who has been living in Augusta, Georgia, and Cranford, New Jersey, was found guilty by a jury in February 2014 of four counts of wire fraud and 11 counts of money laundering.
According to evidence presented during the five-day trial, Lewis offered investors the ability to generate income through secretive overseas financial transactions, promising them that they would be able to make a significant profit. However, instead of investing the money, Lewis used it to cover his own living expenses.
Prosecutors also revealed that Lewis had lied to investors about living in Zurich, Switzerland, when in fact he was living in a hotel in New Jersey. He was arrested in July 2012 and has been in federal custody ever since.
Lewis will also have to pay restitution of $5,565,406 to the victims of the scheme, as well as forfeit the same amount. Approximately $8,000 in assets seized at the time of his arrest will be applied to the restitution.
The case was prosecuted by Assistant U.S. Attorneys Darilynn J. Knauss and Bradley W. Murphy. The charges were investigated by the IRS, Criminal Division, and the U.S. Postal Inspection Service.
U.S. District Judge James E. Shadid handed down the sentence, which is a significant blow to Lewis and his accomplices. The sentence highlights the severity of the crime and the importance of holding individuals accountable for their actions.
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Key Facts
- State: Illinois
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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