SAN DIEGO (CN) - A Los Angeles recidivist stole $4 million from investors who believed his tale that he would invest their money in the Rose Fund and TRF Holdings, federal prosecutors said.
William Wright, 49, swiped the money in a single year and diverted "substantial amounts" to himself and to two of his corporations, Who Banging Marketing and YAE Inc., prosecutors said. Wright concealed from his victims that he had been convicted of mail and wire fraud, the indictment states.
He faces 13 counts, including conspiracy, mail fraud, wire fraud and money laundering.
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