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Wire Fraud Scheme Unfolds in Wentzville, Missouri
A shocking case of wire fraud has come to light in Wentzville, Missouri, where James Staley, a resident of the area, has been accused of defrauding eleven investors/lenders out of over $3.4 million. According to the indictment, Staley made false promises of high rates of return and minimal risk, convincing his victims to invest in a Premium Financing Company known as B & B Equity.
Staley, who operated Wealth Financial International in 2007, became a sales agent for B & B Equity, where he found individuals to provide loans for life insurance policies. The indictment states that Staley received a commission for each investor/lender he found, totaling over $570,000.
The scheme was allegedly perpetrated by Staley, who represented to his clients that B & B Premium Financing Company would sell the bundled insurance policies on the open market with guaranteed returns. However, if B & B was unable to secure a buyer for the policies, the investors would lose all their monies.
Staley was indicted by a federal grand jury on three felony counts of wire fraud on June 18, 2014. If convicted, he faces a maximum penalty of 30 years in prison and/or fines up to $1 million.
Assistant United States Attorney Dianna Collins is handling the case for the U.S. Attorney’s Office. The Federal Bureau of Investigation investigated the case, which has sent shockwaves through the community.
As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.
Key Facts
- State: Missouri
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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