Estimated reading time: 0 minutes, 33 seconds

Former FA Gets 6 Years in Jail in Historical Chinese Bond Scheme

Gregory Alan Smith, 58, and formerly a financial advisor in Shreveport, La, was sentenced to 72 months in prison for conspiracy to commit wire fraud. So reports the Shreveport Times.

fraud 2695269 640smallSmith’s prison sentence will be followed by three years of supervised release. Smith was also fined $100,000 and ordered to pay restitution of $3,588,500.

Smith, along with his co-defendant Kirbyjon H. Caldwell, convinced his victims to invest $3.5 million in historical Chinese bonds. The bonds, issued by the former Republic of China before it lost power in 1949, are worthless, despite Smith’s promises that the bonds would produce exponential returns in a short period of time.

Read the full article from the Shreveport Times.

Read 882 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.