2 get prison in Texas radio ads real estate scam
SHERMAN, Texas (AP) — A federal judge in Texas has sentenced two men to five-year prison terms in a $17 million real estate scam using radio promotions.
Prosecutors on Thursday announced the punishment for 33-year-old Jeremy Louder of Frisco and 43-year-old Jeffrey Brown of Dallas. Both had pleaded guilty to conspiracy to commit mail fraud in a case involving more than 80 investors nationwide.
Investigators say Quadwealth used radio advertising in the Dallas area to falsely market itself as an elite financial planning and wealth management group. Some of the investment funds were used to pay the personal expenses of Louder and Brown.
Brown has been ordered to repay about $14 million. Louder must make $17 million in restitution in the fraud that ran from 2006 through 2010.