Authorities said that a New York man pleaded guilty to securities and wire fraud in connection with a scheme to defraud his family members and friends out of over $1.5 million.<\/p>\n
Williams Wells, 42, pleaded guilty in federal court in Manhattan to one count of wire fraud and one count of securities fraud, according to the office of U.S. Attorney Preet Bharara. Each of the counts carries a maximum fine of $5 million and a maximum sentence of 20 years in federal prison.<\/p>\n
Authorities said that Wells engaged in the scheme from September 2009 until his arrest on October 1, using his firm, Promitor Capital LLC, to obtain investment funds by making false claims that he had consistently achieved positive returns in U.S. equity markets. In reality, according to Bharara, Wells lost money every year, amounting to more than $500,000 in losses over six years. By September 2015, Promitor was managing less than (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Authorities said that a New York man pleaded guilty to securities and wire fraud in connection with a scheme to defraud his family members and friends out of over $1.5 million. Williams Wells, 42, pleaded guilty in federal court in…<\/span><\/p>\n