WCAV-WVAW-WAHU | Charlottesville, Virginia | News

Va. Man Convicted of $17 Million in Fraud

August 19, 2010

A former Maryland resident has been convicted of bilking online investors out of more than $17 million after a three-week trial.

Federal prosecutors say 32-year-old Byron Brown of Vienna, Virginia was convicted Wednesday on five counts of wire fraud and five counts of money laundering.

Prosecutors say Brown operated a Ponzi scheme and used some of the proceeds to buy a fleet of 16 luxury cars, including a Lamborghini and a Rolls Royce.

According to testimony, Brown ran a series of Websites with names like In God We Trust Financial Services.

He faces a maximum of 20 years in prison on each of the wire fraud counts and ten years on each of the money laundering counts. He'll be sentenced November 19.


The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we only ask that you use your best judgment. E-mail is required, but will not be displayed with comment.

  • Comments cannot be profane or vulgar. We will not post comments that use profanity or cross the lines of good taste.
  • We will not post comments that use hate speech. Slurs, stereotypes and violent talk aren’t welcome on our website.
  • Comments should not attack other readers or people featured in our stories personally. Any accusations should be backed up with facts.
  • Any comment we post will be posted in its entirety. We do not edit any comment that we post.
     
  • Comments should contribute to the discussion. We will not post comments that don't advance the discussion. Flaming and/or trolling will not be tolerated.
     
  • Comments should not attack other posters. Let's keep the focus on the content of the story.

    As a host Newsplex.com welcomes a wide spectrum of opinions. However this is a site that we host. We have a responsibility to all our readers to try to keep our comment section fair and decent. For that reason The Newsplex reserves the right to not post or to remove any comment.

    If you have any ideas to improve the conversation or this section let us know. Send an e-mail to webmaster@newsplex.com.

 

powered by Disqus
The Charlottesville Newsplex 999 2nd Street S.E. Charlottesville, VA 22902 434.242.1919 – Main 434.220.7522 - Newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 101088699