Bowling Green, Kentucky resident Paul Carney, 46, was sentenced to 36 months in prison for his role in a massive investment scam.
Carney, a self-proclaimed investment advisor, was accused of defrauding at least eight victims out of $886,925.62 between 2008 and November 2011.
According to court documents, Carney promised his victims a substantial profit by investing their contributions in the stock market. However, in reality, there was no stock trader, investments, or profits.
Carney used the money from his victims to purchase a 2009 Ford Mustang Shelby GT for $49,000 and a property located at 1253 Larmon Mill Road in Bowling Green.
He also laundered the money through official bank checks, which he used for his own personal benefit.
Carney pleaded guilty to all charges in a 32-count federal indictment, including 20 counts of wire fraud and 12 counts of engaging in monetary transactions in criminally derived property of $10,000 or more (money laundering).
Assistant United States Attorney David Weiser prosecuted the case, which was investigated by the Internal Revenue Service (IRS) Criminal Investigation division.
U.S. District Judge Joseph H. McKinley Jr. handed down the sentence on October 23, 2014, ordering Carney to pay restitution to the victims.
Related Federal Cases
- Terry Wayne Millender, Wire Fraud and Money Laundering Conspiracy, Virginia 2023 · Kentucky
- Nicholas Corey Garner, Wire Fraud, Kentucky 2023 · Illinois
- Daniel R. Goodwin, Wire Fraud and Conspiracy, Kentucky 2024 · Virginia
- Stacy Paul Waddell, Wire Fraud, Counterfeit Coins, Tampering, Georgia 2016 · North Carolina
- Ricky Parnell, Honest Services Fraud and Wire Fraud, Kentucky 2015 · Tennessee
Key Facts
- State: Kentucky
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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