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Neulan Midkiff Found Guilty

From the FBI Press Release about Neulan Midkiff and Travis Correll's investment fraud

After four hours of deliberation, a federal jury issued a guilty verdict today against a 66-year-old Forest Lake man who was charged with defrauding 519 people nationwide out of approximately $30 million in an investment scheme.

At the United States Courthouse in Minneapolis, Neulan Midkiff was found guilty August 1st of eight counts of mail fraud, eight counts of wire fraud, one count of conspiracy to commit mail fraud, and four counts of failure to file tax returns.

U.S. District Court Chief Judge Michael Davis thanked the jury for their efforts during the 18-day trial, and turned Midkiff over to the U.S. Marshals. A sentencing date has been tentatively scheduled for Oct. 1. Midkiff faces a potential maximum penalty of 20 years in prison on each mail fraud count; 20 years on each wire fraud count; five years on the conspiracy count; and one year on each failure to file count.

I had several short pieces on Midkiff's fraud earlier, Cooling Off the Marks, and how the receiver's compenstation wasn't leaving much left for the victims, in Something for Not Much.

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Full post as published by Misleading Advertising Law on August 06, 2008 (boomark / email).