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.

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