PHOENIX – A Scottsdale man was sentenced to 18 months of imprisonment and three years of supervised release for his role in a standby letter of credit scheme that swindled investors out of hundreds of thousands of dollars.
J’Sean Claude Butierries, 51, was found guilty of wire fraud and money laundering charges in September 2023. The scheme involved selling fraudulent investments to investors, claiming he could deliver 30%-plus returns within 15 days.
Butierries was the owner and operator of Chenise International, Ltd., which he used to lure investors into the scheme. He claimed to be trading standby letters of credit, an investment vehicle that does not exist.
Butierries used the funds to purchase luxury items, including a $195,000 Audi R8 for himself and a $75,000 Audi A730 for his wife. A boat and several motorcycles were also seized from his home as part of his plea agreement.
The investigation was conducted by the Phoenix Division of the FBI, and the prosecution was handled by Assistant U.S. Attorney Monica Klapper.
The U.S. Attorney’s Office warns the public to be wary of claims made by individuals who promise large, short-term gains. Butierries’ scheme is an example of prime bank investment fraud, which involves false claims of large, short-term gains and the use of ‘private’ trading programs.
Butierries was ordered to pay the balance of the funds to investors in the form of restitution.
Mandatory Facts:
Defendant: J’Sean Claude Butierries
Criminal Charges: Wire fraud and money laundering
City and State: Scottsdale, Arizona
Crime Date: Not specified
Sentence: 18 months of imprisonment and three years of supervised release
Dollar Amounts: $195,000 (Audi R8), $75,000 (Audi A730)
Related Federal Cases
Key Facts
- State: Arizona
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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