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.