Warren Man's Arraignment in Ponzi Case Delayed
Kevin L. Harris's plea hearing and arraignment has been rescheduled for this Wednesday at 2 p.m. at the request of Harris's attorney, according to an Oct. 27 article on Vindy.com.
Harris was charged in federal court in early October for his role in a $20 million Ponzi investment scheme. As reported in an Oct. 8 Vindy.com article, U.S. Attorney Steven M. Dettelbach of the Northern District of Ohio said that Harris and a few others solicited individuals through Complete Developments and Investments International Inc. to invest millions of dollars in start-up companies, inventions and foreign currencies. Investors were told that at least 80% of their principal would be protected from loss and promised a monthly return of 7 to 12 percent.
Authorities allege that instead of investing the money as promised, Harris was using the funds to pay himself and his employees and for his own personal purposes, which included: purchasing automobiles, financing his own businesses, and traveling to Canada, Mexico, Panama, and the United Arab Emirates.
The hearing will be in the U.S. District Court in Youngstown before Magistrate Judge George Limbert. Harris faces over 30 years in prison if convicted.
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