Lying about selling firearms cost William McHenry his freedom after U.S. District Judge Daniel P. Jordan, III sentenced him to serve twenty months in federal prison on August 12.
McHenry first attracted attention when a federal grand jury indicted him for three counts of fraud for his alleged role in the Madison Timber Ponzi scheme. The Justice Department's press release stated:
During the fraudulent scheme, McHenry recruited investors, and fraudulently obtained well in excess of $18,000,000 from more than 25 investors located in multiple states.
The jury acquitted him of all charges. However, his trouble were not done. Earlier post.
The SEC is tried to claw back illegal profits earned by Lamar Adams and promoters of the $164 million Ponzi scheme based on phony timber investments. Receiver Alysson Mills represents the SEC. She recovers assets, distributes them among the victims, and provide progress reports to the court every 90 days. Adams is currently incarcerated in federal prison after he pleaded guilty to one count of wire fraud. The case is assigned to Judge Carlton Reeves.
The Receiver attempted to collect $3.5 million from him but the defendant predictably filed bankruptcy in 2020. Mills obtained a $3.5 million judgment against McHenry. Bankruptcy didn't keep McHenry out of jail. Mills filed a motion for contempt after McHenry failed to pay $31,000 in 2023. The Court ordered McHenry incarcerated until he paid the amount. Earlier post.
6 comments:
Newcastle Brown can sure smack you down
You take a greasy whore and a rollin' dance floor
You know you're jailhouse-bound
30 days in the hole
30 days in the hole
Is 20 months a downward adjustment? If so, how was it justified?
Once again, the bird dogs walk--one was accused of and I guess, plead to the same thing of bk fraud--he got like 5 mos.
Bill had a 5,500 sq ft house packed with ill gotten gains! Crime does indeed pay. This is a slap on the wrist.
This is analogous to Al Capone - the feds couldn't convict him of racketeering but the IRS got him for tax evasion.
This guy thought he was too slick to ever be held accountable.
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