Former Warrensville Heights, Ohio Police Offer Gets Six Years for Ponzi Scheme
Raymond Thomas, a Mentor stockbroker and former Warrensville Heights police officer, was sentenced Thursday to six years in prison for operating a Ponzi scheme that misappropriated $889,000 from approximately 25 people. The 49-year-old pled guilty in July to one count of mail fraud and one count of falsifying a tax return.From 1997 through 2006, Thomas owned and operated three businesses: Strictly Stocks Investment Co., JR Ventures trucking company, and Adams Title Agency. U.S. Attorney Steven M. Dettelbach says Thomas told family, friends and colleagues that investing in any of the companies would yield a high rate of return and, as owner of Strictly Stocks, promised investors "above average fixed returns with below average risk."
Instead of placing investor funds in the business of his or her choosing, as he had promised, Thomas used the funds to make Ponzi payments to previous investors and for his own personal purposes.
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