$10 Million Financial Fraud Allegedly Targeted African Americans
Late last month, 56-year-old Roy Fluker Jr., of Highland Park, Illinois, was sentenced after being convicted of multiple fraud counts last year. He allegedly also failed to appear for a sentencing hearing in December 2010.Mr. Fluker and his children (Roy Fluker III and Ronnanita Fluker) were convicted of running a financial scam, similar to a Ponzi scheme, which is said to have cost investors more than $10 million. According to the government, the "Spend and Redeem Program" run by the Fluker family targeted African Americans through churches and/or hotel seminars. It was alleged that the Flukers promised 200 percent returns on a year of investments and a housing program that would allow people to fully own their homes, without a mortgage, within five years.
The Fluker children were each sentenced to 8 years in prison, and Mr. Fluker was sentenced to 15 years in federal prison.
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