Valley News -

Corona man claiming to billionaire sent to prison for fraud

 

Last updated 8/21/2018 at 5:55pm



CORONA - A Corona man was sentenced today to nearly six years in federal prison for swindling investors out of at least $3 million by claiming to be a billionaire who could access hundreds of millions in cash in an overseas bank account in exchange for up-front fees.

Kenneth Brewington, 55, was additionally ordered by a Denver federal court judge to serve three years of supervised release following his 70-month prison term and pay restitution in the amount of nearly $564,000, according to the U.S. Department of Justice.

Brewington was convicted in May of conspiracy to commit mail and wire fraud, wire fraud, conspiracy to commit money laundering and other charges.

According to evidence presented at trial, beginning in 2009, Brewington told victims that he required millions of dollars in supposed fees in order to access his purported extraordinary wealth abroad, which in turn could be used for financing.

During the scheme, Brewington and his co-conspirators sold promissory notes to victims, including through a financial-services marketing company based in Denver called Compass Financial Solutions, according to the DOJ.

Brewington and his co-conspirators falsely represented to their victims that their money would be used to pay for, among other things, bank transaction fees and tax penalties to the IRS, prosecutors said.

To conceal the nature of their scheme, Brewington told victims to wire their funds into an attorney trust account. The funds from that account, however, were then sent to Brewington and his associates and spent on, among other things, repayments to other investors and personal expenses.

Evidence showed Brewington was not, in fact, wealthy and was instead struggling to pay his personal debts, according to the DOJ.

 

Reader Comments
(0)

 
 

Our Family of Publications Includes:

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2018

Rendered 11/11/2018 17:11