Related Federal Cases
Investment Scam Brings Prison Time for Two Men
Two men, Chawalit Wongkhiao and Joshua Gilliland, have been sentenced to federal prison for their roles in a massive investment scam. The men, who operated as Allied Markets LLC, solicited money from investors for purported investments in foreign currency exchange (forex) transactions.
Between March 2012 and July 2014, Wongkhiao and Gilliland convinced investors to give them substantial amounts of money, which they claimed would be used for forex transactions. However, contrary to their representations, the men invested only a small portion of the funds in forex transactions, resulting in significant losses for the investors.
According to court documents, a large portion of the funds were used for personal expenses, including cash withdrawals, rent, furnishings, clothing, travel, food, and entertainment. The men also used some of the funds received from later investors to pay off earlier investors.
The case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, the Florida Office of Financial Regulation, and the Jacksonville Beach Police Department. It was prosecuted by Assistant United States Attorney Arnold B. Corsmeier.
Wongkhiao, 29, of Jacksonville, was sentenced to a term of four years and seven months in prison. Gilliland, 31, of Chattanooga, TN, formerly of Jacksonville, was sentenced to one year and three months’ imprisonment. The Court also entered a money judgment against Wongkhiao and Gilliland in the amount of $1,120,831.00, the proceeds of the fraud.
The sentences were handed down on August 25, 2015, and September 25, 2015, respectively. Wongkhiao pleaded guilty on August 25, 2015, and Gilliland pleaded guilty on September 25, 2015. The men were charged with conspiracy to commit wire fraud.
The victims of this scam were not named in the report, but it is likely that they were individuals who invested money in the forex transactions, only to lose their funds to Wongkhiao and Gilliland’s scheme.
Key Facts
- State: Florida
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
