International Law

Global Wealth Pyramid Scheme

United States Attorney Catherine L. Hanaway announced today a guilty plea by
Andre Mitchell)

"St. Louis, Missouri: Andre Mitchell, former President & Chief Executive Officer of Global Power Global Wealth Enterprises, pled guilty to mail fraud and money laundering charges involving a fraudulent investment scheme.

Mitchell and Allen defrauded more than 400 victims around the county who trusted them.

Many investors lost their life's savings.

These victims thought they were investing with a legitimate financial service firm,? said Hanaway.

This office will continue to vigorously pursue and prosecute fraudulent investment schemes that often prey on vulnerable and unsophisticated victims who only want to provide better for their families."

This is a bit of odd and poorly thought fraud.

It last only a year and half, was essentially a ponzi scheme based on non-existent real estate investments.

Clearly with the sub-prime crisis, a well placed bankruptcy would have washed this scam clean.

How do we know our boys weren't so clever?

"After Mitchell's investment scheme broke down, he robbed several banks and was caught in Kentucky in August 2006."

Oops.

Full post as published by Misleading Advertising Law on February 26, 2008 (boomark / email).