First Colombia Gold Corp (FCGD)

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JASON CASTENIR NEWS!

Not in prison yet, but soon!

https://www.justice.gov/usao-edky/pr/somerset-man-sentenced-federal-prison-running-24-million-ponzi-scheme

The Jason-oriented highlights:

From January 2012 through October 2014, Phelps and co-defendant Jason Castenir defrauded 13 victims out of over $2.4 million, through three fake investment schemes. According to the evidence presented at Phelps’ trial and other court documents, Phelps and Castenir created Maverick Asset Management LLC (“MAM”) in 2012, as a private-equity firm located in Somerset, Kentucky. Beginning around this time, and continuing until late 2014, Castenir and Phelps convinced a number of investors from across the country, including in Washington State, Ohio, Arizona, and Nevada, to invest in an opportunity to obtain an oil concession from the government of Belize. They boasted of vast experience in successful oil exploration ventures and promised investors royalties on any oil extracted and a considerable interest rate on their investment, all of which was to be backed by Phelps’s multi-million dollar trust, in the name of Phelps Family Trust. Investors raised hundreds of thousands of dollars for this investment, wiring those funds to MAM in Kentucky. Evidence at trial revealed that Phelps and Castenir had little experience with successful oil ventures; there was no sizeable Phelps Family Trust; and they used the money they raised for MAM operating expenses, to pay themselves, and to make Ponzi payments back to other victim-investors.

But wait, there's more...


Castenir pled guilty to conspiring to commit wire fraud, commodities fraud, and money laundering, in August 2017, and is scheduled for sentencing in September 2020. He faces a maximum sentence of imprisonment of 20 years for wire fraud, and 10 years each for the commodities fraud and money laundering.

...

“The defendants perpetrated a massive investment fraud scheme that was laced with a web of financial lies which generated millions of dollars through false promises and deceit,” said Special Agent in Charge Bryant Jackson, IRS-Criminal Investigation, Cincinnati Field Office. “When you knowingly mix deceit and trickery into the financial well-being of individuals, you create a recipe for devastation that could last a lifetime. Investigations of this magnitude would not be successful without the collaborative efforts of the prosecutors and agents who investigated this case.”



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