SAN DIEGO (CN) - A federal jury on Tuesday convicted three men who took $50 million in a nationwide Ponzi scheme, using so-called investment companies called Learn Waterhouse, the Wealth Builders Club, and Qwest International.
The men - two Georgians and a Texan - promised "risk free" returns of 2% to more than 50% a month, and lied about the "success" of their companies, the U.S. Attorney's Office said. They spent the money on themselves and used new money to pay off old "investors." The scheme collapsed in October 2004, when the FBI and SEC raided the organizations.
All three face up to 25 years in prison and $500,000 in fines for conspiracy and wire fraud. They are Randall T. Treadwell, 50; Larry C. Saturday, 66, both of Savannah, Ga.; and Ricky D. Sluder, 51, of Houston.
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