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Conviction Comes in “Too Good to Be True” Investment Scam

Posted on Nov 21, 2011

Last month, Andrew Williams Jr., the owner of Metro Dream Homes, was convicted in an investment scam that is said to have cost investors about $78 million. Mr. Williams allegedly promised to pay off the mortgages of people who invested at least $50,000 in his company.

However, the government alleges that Metro Dream Homes used money from later investors to pay the mortgages of earlier investors rather than relying on any money earned by the company. The US Attorney in Maryland has said that, "Metro Dream Homes was an egregious fraud scheme, and an excellent example of the principle that financial schemes that sound too good to be true are usually scams.”

Mr. Williams is scheduled to be sentenced March 30, 2012 and faces up to 30 years in prison.

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