Devon McLean


September 10, 2013

Type of alert:

Ponzi Scheme  

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.

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