The Division of Justice not too long ago introduced a six-year jail sentence for 2 individauls concerned in a cattle-trading Ponzi scheme that resulted in thousands and thousands of {dollars} in sufferer losses.
Based on court docket paperwork, from late 2017 till early 2019, Reva Joyce Stachniw, 71, of Galesburg, Illinois, and Ron Throgmartin, 59, of Buford, Georgia, together with a co-conspirator, ran a Ponzi scheme by fraudulently representing to victims that their investments have been backed by short-term investments in Stachniw and Throgmartin’s cattle and marijuana companies. The victim-investors gave the conspirators cash based mostly on false guarantees that their investments could be used for respectable actions associated to these companies. If truth be told, the funds have been used to pay earlier traders.
In August 2022, Stachniw and Throgmartin have been convicted at trial of 1 rely of conspiracy to commit wire fraud, 5 counts of wire fraud, and one rely of conspiracy to commit cash laundering.
Along with their phrases of imprisonment, Stachniw was ordered to pay roughly $14.6 million in restitution and to forfeit $6.0 million. Throgmartin was ordered to pay roughly $14.6 million and to forfeit $1.0 billion. The restitution was ordered collectively and severally between the 2.
Assistant Lawyer Common Kenneth Well mannered, Jr. of the Justice Division’s Felony Division; Particular Agent in Cost Kyle Myles of the Federal Deposit Insurance coverage Company Workplace of Inspector Common (FDIC-OIG), Atlanta Area; Assistant Director Luis Quesada of the FBI’s Felony Investigative Division; and Particular Agent in Cost Oliver E. Wealthy Jr. of the FBI San Antonio Discipline Workplace made the announcement.
The FDIC-OIG and the FBI investigated the case.
