Utah man charged in Georgia over $30M scheme December 27, 2010
Posted by jefhenninger in News.Tags: securities fraud
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Federal prosecutors in Georgia have charged a Utah man with leading an investment company that allegedly bilked more than 100 people out of more than $30 million. Thomas Repke pleaded not guilty Monday to multiple counts of mail fraud, wire fraud and conspiracy and was soon after released on a $250,000 bond. Prosecutors said he and James Jeffery, promised people who invested in their company, Coadum Capital, with monthly returns of 5 percent (which should have been a huge red flag). But instead of keeping the money in escrow accounts, authorities say the two transferred more than $20 million to accounts in Switzerland and the Mediterranean island of Malta. At this point, most of the money is gone.
Story is here.
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