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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学经济学院、金融研究院副教授,中国反洗钱研究中心执行主...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
高增安
高增安
复旦大学中国反洗钱研究中心特聘研究员,专事反洗钱与贸易领域的研...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2022-11-29      浏览次数:389次
Fresno Man Charged in $4+ Million Ponzi and COVID-19 Benefits Fraud Schemes

 

https://www.justice.gov/usao-edca/pr/fresno-man-charged-4-million-ponzi-and-covid-19-benefits-fraud-schemes

 

Royce Newcomb, 60, of Fresno, charged in connection with schemes estimated to have defrauded investors and the government out of more than $4.2 million was arrested today in Fresno, U.S. Attorney Phillip A. Talbert announced.

 

The indictment, unsealed following Newcomb’s arrest, charges him with five counts of wire fraud and one count of money laundering for running Ponzi, COVID-19 benefits, and other fraud schemes through his company, Strategic Innovations LLC.

 

According to court records, beginning in 2017, Newcomb owned and operated Strategic Innovations that purported to make smart home and business products meant to stop package theft, prevent weather damage to packages, and make it easier for delivery services and emergency responders to find homes and businesses. He created prototypes for his products, applied for and was issued patents and trademarks, and received local and national media attention that he used to secure millions of dollars from investors.

 

Newcomb told his investors that he had been awarded a grant by the National Science Foundation and that he would use their money to further develop and bring his products to market. He also promised them significant returns in as little as three months. But none of these representations were true. Instead, Newcomb used the investors’ money to pay for his personal expenses such as gambling, luxury vehicles, and a mansion, to pay for refunds to other investors, and to pay for new, unrelated projects without the investors’ authorization.

 

In the midst of Newcomb’s Ponzi scheme, he also received a fraudulent COVID-19 loan for over $70,000 from the Small Business Administration and fraudulent loans for over $190,000 from private lenders. He lied about his company having hundreds of thousands and even millions in revenues to get these loans.

 

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton and Jeffrey Spivak are prosecuting the case.

 

If convicted, Newcomb faces maximum statutory penalties of 20 years in prison and a $250,000 fine for each of the wire fraud counts, and 10 years in prison and a $250,000 fine for the money laundering count. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

 

This effort is part of a California COVID-19 Fraud Enforcement Strike Force operation, one of three interagency COVID-19 fraud strike force teams established by the U.S. Department of Justice. The California Strike Force combines law enforcement and prosecutorial resources in the Eastern and Central Districts of California and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces use prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds.