September 10, 2013
Devon McLean of Georgia recently pleaded guilty to federal wire fraud in relation to a $5.5 million Ponzi scheme he operated with Janice Rey. In order to promote the scheme, he told investors that his company, Paramount, was part of the Halliburton company and that Dick Cheney, former chairman and CEO of Halliburton, was associated with the group. There was no connection with Halliburton or Dick Cheney, and there were no overseas investments, as the pair claimed.
In the plea agreement filed in the U.S. District Court of St. Thomas, McLean admitted to conspiracy to commit wire fraud. The plea document provides that McLean and Rey perpetrated the scheme by setting up bogus businesses and enticing people to invest with these businesses by promising huge returns on their investments. Instead of investing the money obtained, McLean and Rey used new funds to pay old investors and for their own personal gain.
The plea agreement provides for a recommended sentence of 63-78 months in jail and a fine between $12,500 and $125,000. The plea deal is silent as to restitution for the victims.
Talk to an Experienced Attorney Today
Call and speak to one of our attorneys* for a no-cost consultation to discuss your situation, answer your questions, and help you determine the next steps. This call usually takes about 15 minutes, but we are happy to talk to you as long as you would like!
Quick Review of Your Paperwork
If we think you might have a case, we will need to review a few basic documents. If we determine you have a case, then you will have the option to hire us as your attorneys to pursue it.
Signed Attorney/Client Agreement
If you decide to hire us to pursue your case, we will have you sign an attorney-client agreement so we can begin the process of trying to recover your losses.*
*In the vast majority of cases, our agreement is contingent – meaning you won’t owe us any money unless we recover money for you.