Three individuals, including a Florida resident and a New York native, were arrested and charged with orchestrating a multimillion-dollar investment fraud scheme known as the ‘Silver Lease Program.’
Audrey Strauss, the United States Attorney for the Southern District of New York, announced that Robert Jeffrey Johnson, Ross Baldwin, and Kathleen Hook were charged with conspiring to commit wire fraud and wire fraud for defrauding at least 60 investors of at least $8 million.
The indictment alleges that the defendants lied to investors about purchasing silver, storing it at a secure facility in Florida, and earning a guaranteed monthly dividend payment.
Instead of using investors’ money to purchase silver, the defendants allegedly misappropriated it to pay for their own personal expenses and fund unrelated business ventures.
Johnson and Hook were arrested in Palm Beach, Florida, and presented in the United States District Court for the Southern District of Florida. Baldwin was arrested in Albany, New York, and presented in the United States District Court for the Northern District of New York.
According to the indictment, the ‘Silver Lease Program’ operated from 2014 to 2021, during which time investors provided millions of dollars to purchase silver through the program.
In reality, a substantial portion of the funds were misappropriated to pay for personal expenses of Johnson, his wife, and Hook, as well as to fund other business ventures.
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- Marc Henry Menard, Investment Fraud Scheme, New York, 2023 · New York
- Letitia James, Citibank Fraud Lawsuit, New York NY, 2023 · New York
Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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