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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles CEO Pleads Guilty in Multi-Million Dollar Ponzi Scheme Email Facebook Digg Twitter Buzz Up! ShareThis April 27, 2010 10:24 a.m. EST Topics: United States, crime, law and justice, fraud, corporate crime Tejinder Singh - AHN News Correspondent St. Louis, MO, United States (AHN) - A Missouri real estate investor pleaded guilty Monday to defrauding investors around the United States in a multi-million-dollar Ponzi scheme. The United States Attorney’s Office announced in a statement that Aaron Duncan, the former chief executive and owner of The Duncan Group, had pleaded guilty to fraud charges involving a $3.9 million investment scheme. The company was dealing in real estate investments, including buying, rehabilitating, and selling residential real estate. "Promoters of Ponzi schemes prey upon trusting investors and then steal their hard earned money. Investors should be wary that programs promising unbelievable returns on investment should be looked at carefully," said Special Agent Toni Weirauch. According to court documents, Duncan solicited investors to participate in his real estate projects through The Duncan Group by making false representations regarding the security of investments and the rates of returns promised. Bank records revealed that Duncan operated The Duncan Group investment program as a Ponzi scheme. "Mr. Duncan conned potential investors by promising a high rate of return on real estate and a fast turnaround," said Michael Kaste, assistant special agent in charge of the FBI St. Louis division. Kaste advised investors, "Anytime before investing, people should do their homework and check with agencies like the Secretary of State, the Securities and Exchange Commission, the Better Business Bureau and other court records,” adding, “But even then, con men will build a 12-foot ladder to climb an 11-foot wall." The scheme operated from roughly January 2006 until Duncan advised investors of his intention to declare bankruptcy in October 2008. Duncan, 33, of Defiance, pleaded guilty to one felony count of mail fraud and one felony count of money laundering before U.S. District Judge Carol E. Jackson. Sentencing has been set for July 27, according to a FBI statement. Mail fraud carries a maximum penalty of 20 years in prison and fines up to $250,000; money laundering carries a maximum penalty of 10 years in prison and fines up to $250,000. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Another Jesse James Mistress Apologizes To Sandra Bullock Donald Trump Thinks Bret Michaels Is In “Big, Big Trouble” Kristen Stewart “Wanted” For Sequel Paulina Porizkova Calls Heidi Montag A "Modern Tragedy" Ravens Lineman Michael Oher Turns Blind Side To Hollywood Spotlight Officials: North Korean Torpedo Sank South Korean Ship Adam Lambert Performs At London's G-A-Y, Promotes Album Re-Release UFC's Ortiz Arrested For Alleged Domestic Violence On 'Actress' Jameson White Supremacist Murdered, Police Say Black Neighbor Confessed To Crime Bret Michaels In Critical Condition After Suffering Massive Hemorrhage Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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