Cory Ryan Williams, Transactional Money Laundering, Arizona 2018

State: Arizona
Category: White Collar Crime
Source: <a href="https://www.justice.gov/usao-az/pr/gilbert-man-sentenced-seven-years-prison-multi-million-dollar-investment-fraud-scheme" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Grimy Times has learned that Cory Ryan Williams, a 40-year-old Gilbert man, has been sentenced to seven years in prison for his role in a multi-million dollar investment fraud scheme.

Williams was sentenced by U.S. District Judge Douglas L. Rayes on August 10, 2018, after previously pleading guilty to one count of transactional money laundering.

According to court documents, Williams solicited and obtained more than $13 million from over 50 victims, falsely claiming that his investment scheme would yield a five percent return each week and that all investments were safe.

In reality, Williams lost more than $8 million by attempting to trade stock market futures. He also concealed his fraudulent scheme by making Ponzi payments to investors, using new capital from later investors to pay earlier investors.

Williams also diverted more than $800,000 of the victims’ funds to his own personal use, further victimizing those who trusted him with their financial future.

The investigation in this case was conducted by the Federal Bureau of Investigation, with the prosecution handled by Andrew C. Stone and Peter Sexton, Assistant U.S. Attorneys, District of Arizona, Phoenix.

A restitution hearing has been scheduled for September, where Williams will be ordered to pay restitution up to $13.5 million to the victims of his scheme.

Cory Ryan Williams, a man once trusted by his community, has been brought to justice for his crimes. His sentence serves as a reminder that those who would seek to take advantage of others through investment scams will be held accountable for their actions.

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