Richard Patterson, Investment Fraud, Hawaii 2023

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Man Arrested in California on Hawaii Indictment Charges $2 Million Investment Fraud Scheme

Honolulu, Hawaii – Richard Patterson, a 40-year-old man from Hawaii, was arrested on February 11, 2023, in California pursuant to an indictment in the District of Hawaii. Patterson, also known as Xavier Carter, is accused of participating in a $2.5 million investment fraud scheme that targeted trusting families and local business owners in Hawaii.

The indictment alleges that Patterson, along with Dashawn Hill, 46, and Judy Ramos, 52, all former residents of Hawaii, solicited upfront payments from victim-investors that would supposedly generate much larger sums of money after a short period. However, the payments were not invested and had no reasonable possibility of generating the promised returns.

Patterson and Ramos allegedly used the funds to pay their personal expenses, including credit card bills, rent, entertainment expenses, and other expenses. During the course of the conspiracy, the defendants collectively solicited over $2.5 million in upfront payments from investors, and only returned approximately $163,000, some of which was derived from the payments of other victim-investors.

“Those who take money from investors by promising great returns in a short amount of time, with little or no attempt to generate such returns, should face serious consequences for their actions,” said U.S. Attorney Clare E. Connors.

Patterson was arrested on February 11, 2023, in California and made an initial appearance in court. If convicted, he faces up to 20 years imprisonment, and a fine of up to $250,000 for each count of conspiracy to commit wire fraud or wire fraud. Patterson and Ramos also face up to 10 years imprisonment, and a fine of up to $250,000 for each count of money laundering.

The case was investigated by the FBI, and Assistant United States Attorney Michael F. Albanese is prosecuting the case. The FBI is urging the community to use their tip line at tips.fbi.gov to aid in bringing those who commit fraudulent schemes to justice.