[Photo from socyberty.com]
You may have thought you had a bad week. But did you hear about what happened this week to Georgia businessman Jeffrey Wallace Edwards and his company, Frontier Holdings, Inc.?
According to various news reports, Edwards and his company were found guilty in a Rome, Georgia federal courtroom on an indictment charging numerous federal criminal counts, including mail fraud, wire fraud, and money laundering. The charges reportedly centered around on old-fashioned ponzi scheme, or investment fraud scam, in which investors, including thirty retirees, were induced by Edwards to invest their money, with outlandish promises of rates of return, which, of course, never materialized. The news reports indicate that Edwards spent their money, instead, on himself, for vacation cruises, fur coats, and other luxury items.
As a former federal prosecutor, (and currently, as an Augusta, Georgia criminal defense lawyer), I have handled a number of fraud cases like this one. Most of them followed this same pattern.
Edwards will be sentenced later, in accordance with the federal sentencing guidelines. Now, compared to this defendant, don't you realize that your week wasn't so bad, after all?!