Scottsdale Man Sentenced for Standby Letter of Credit Scheme

A 51-year-old Scottsdale man has been sentenced to 18 months in prison for his role in a scheme that defrauded investors out of hundreds of thousands of dollars. J’Sean Claude Butierries pleaded guilty in September to wire fraud and money laundering charges.

According to court documents, Butierries operated a company called Chenise International, Ltd., which offered investors a 30%-plus return within 15 days. However, Butierries claimed that he was able to engage in trading in standby letters of credit, an investment vehicle that does not exist.

Butierries used the funds to purchase a $195,000 Audi R8, a $75,000 Audi A730, a boat, and several motorcycles. All of the items were seized from Butierries’s home and he agreed to forfeit those items as part of his plea. He was also ordered to pay the balance to investors in the form of restitution.

U.S. Attorney John S. Leonardo warned the public to be wary of such claims, saying that the very large, short-term gains that Butierries falsely claimed he could produce were unreasonable.

The investigation in this case was conducted by the Phoenix Division of the FBI, with assistance from the U.S. Attorney’s Office, District of Arizona, Phoenix. Assistant U.S. Attorney Monica Klapper handled the prosecution.

For more information on this type of fraud, visit the FBI website at www.fbi.gov/scams-safety/fraud or the Department of Treasury website at www.treasury.gov/scams/Prime-Bank-Investment-Fraud.

Butierries was sentenced to 18 months of imprisonment, followed by three years of supervised release, on wire fraud and money laundering charges. He will also have to pay the balance to investors in the form of restitution.

Case Number: CR-14-00063-PHX-NVW. Release Number: 2014-072_Butierries.

RELATED: Phx Telemarketing Fraud: Brian Hopkins Sentenced to 21 Months

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