THE ASSOCIATED PRESS August 5, 2011, 10:27AM ET
ABINGDON, VA.
http://www.businessweek.com/ap/financialnews/D9OTVRD80.htm
A federal jury in Abingdon, Va. has convicted two people on 210 counts of wire fraud for their roles in a scheme that bilked investors out of more than $1.4 million.
Thirty-nine-year-old Terrance Keith Cunningham of Alpharetta, Ga., and 35-year-old Angela Allison Duty Smith of Davenport, Va., also were convicted Thursday of money laundering, commodities fraud and conspiracy. Another defendant, 36-year-old Ronald Wade Smith Jr. of Davenport, previously pleaded guilty.
The federal prosecutor's office says the three lured people into an investment club that promised quick, hefty returns on investments in foreign currency exchange markets. However, prosecutors say the Smiths used investor money for personal expenses including a new house, and Angela Smith and Cunningham lied to investors about why no payments were made on their investments.