Phillip W. Conley, Mail and Securities Fraud, West Virginia 2020

FLORIDA MAN INDICTED ON MAIL AND SECURITIES FRAUD CHARGES RESULTING IN NEARLY $5 MILLION IN LOSSES

CLARKSBURG, WEST VIRGINIA — Phillip W. Conley, a 38-year-old man from Jacksonville, Florida, is facing serious consequences after being indicted on six counts of mail fraud and one count of securities fraud.

The indictment, which was handed down by a federal grand jury in Wheeling in August 2020, alleges that Conley, operating under the guise of Alpax, LLC, convinced 18 individuals from across the United States, including West Virginia and Maryland, to invest nearly $5.2 million in his company, promising them substantial returns.

However, instead of using the funds for investment, Conley allegedly spent the money on private jet flights, expensive meals, clothes, jewelry, housing, and living expenses for himself, returning a mere $210,000 to the victims.

Conley faces up to 20 years of incarceration and a fine of up to $1,000,000 for each of the mail fraud charges, as well as up to 20 years of incarceration and a fine of up to $5 million for the securities fraud charge.

The government is also seeking the forfeiture of any property purchased from the proceeds of the crimes, including a money judgment of at least $4,990,000.

Assistant U.S. Attorneys Danae DeMasi-Lemon and Robert H. McWilliams, Jr. are prosecuting the case on behalf of the government, with the FBI conducting the investigation.

It is essential to note that an indictment is merely an accusation, and Conley is presumed innocent until proven guilty.

Learn more about Phillip W. Conley and the charges against him

Phillip W. Conley, Defendant:

Phillip W. Conley, a 38-year-old man from Jacksonville, Florida.

Alleged crimes:

- Six counts of mail fraud

- One count of securities fraud

Location:

Wheeling, West Virginia

Date:

August 2020

Sentence:

Up to 20 years of incarceration and a fine of up to $1,000,000 for each of the mail fraud charges, as well as up to 20 years of incarceration and a fine of up to $5 million for the securities fraud charge.

Money judgment:

At least $4,990,000

Source: https://www.justice.gov/usao-ndwv/pr/florida-man-indicted-fraud-charges-involving-nearly-5-million