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Tennessee Man Sentenced to 27 Months for Wire Fraud Scheme
A Tennessee man has been sentenced to 27 months in prison for his role in a wire fraud scheme that targeted investors in Missouri.
Joshua McDonald, the owner and operator of Perfection PR Firm LLC, was found guilty of four counts of wire fraud after he deceived potential and actual clients into investing in the Foreign Exchange Market (Forex).
McDonald promised his clients a minimum of 20% to 50% return per month on their Forex investments, but instead used their funds on his personal expenses and invested and lost their money in cryptocurrency.
The scam, which lasted from November 2017 to June 2019, caused over $350,000 in losses to numerous victims.
McDonald was not registered as a broker-dealer, broker-dealer agent, investment advisor, investment advisor representative, or an issuer agent as required by FINRA (Financial Industry Regulatory Authority).
The Federal Bureau of Investigation investigated the case, and McDonald was sentenced by United States District Judge Stephan R. Clark to a 27-month term of imprisonment followed by a 3-year term of supervised release.
The case serves as a reminder of the importance of registering with relevant authorities and being transparent with investors.
With this sentence, McDonald will face the consequences of his actions and the victims will receive some justice.
Key Facts
- State: Missouri
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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