LOS ANGELES—Two residents of Oxnard and a South Carolina man each pleaded guilty today to federal fraud charges, admitting that they participated in a $41 million investment scheme that victimized hundreds of investors across the United States.
Using Ventura County companies called Unlimited Cash Inc. (UCI) and Douglas Network Enterprises Inc. (DNE), the defendants told victims that UCI would sell ATMs and “Ad Toppers”—computer monitors capable of displaying video advertisements—and DNE would place the devices in commercial locations that would generate income. Victims were told they would earn income from ATM transaction fees and advertisement revenue generated by Ad Toppers, which would show ads for companies such as Coca-Cola, Gold’s Gym, and Paramount Pictures. Even though they took in approximately $41 million over a four-year period, the defendants did not place most of the ATMs and Ad Toppers sold to investors. The loss amount to victims is approximately $27 million.
Each of three defendants pleaded guilty today to 17 counts in an indictment that was returned in August 2010. The defendants are:
Alan G. Flesher, 64, of Oxnard;
Wayne D. Flesher, 62, of Oxnard (previously of Ventura); and
Nancy Carol Khalial, 64, of Oxnard.
The indictment in the case alleges that the defendants used the majority of investor funds to pay personal expenses and to continue operating the fraudulent scheme by paying personal salaries and sales commissions and by making Ponzi-style payments.
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Report Securities Fraud by Calling 1-888-482-6825 or by visiting
www.reportsecuritiesfraud.net
1 comment:
It is now 4/9/2013 and still these persons are still illegally driving taxi cabs in the county of Ventura Ca.
What happened at the sentencing & why are they still collecting Social security benefits while they make big money in the taxi industry.
WHY?? have they not been sentenced to prison time or any time for the crimes committed???
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