ponto
November 17th, 2006, 06:57 PM
Attorney General Greg Stumbo announced today that his Special Prosecutions Division has obtained multi-count indictments against three individuals in a fraudulent business opportunity scheme that resulted in losses of approximately $70,000 to area residents.
The Defendants are Edward “Eddie” Fields, James L. Sloan, and Michael Foster.
The investigation revealed that this "Ponzi" scheme operated by paying earnings on investments with other investors' funds. It is alleged that the defendants received substantial funds as a result of this illegal scheme, all of which came from the victims.
Individuals with information regarding this alleged scam can contact the Attorney General’s Consumer Protection Division toll free at 888-432-9257.
The Defendants are Edward “Eddie” Fields, James L. Sloan, and Michael Foster.
The investigation revealed that this "Ponzi" scheme operated by paying earnings on investments with other investors' funds. It is alleged that the defendants received substantial funds as a result of this illegal scheme, all of which came from the victims.
Individuals with information regarding this alleged scam can contact the Attorney General’s Consumer Protection Division toll free at 888-432-9257.