Six Hundred Out Of $74 Million In Ponzi Scheme

By on January 4, 2012
Six Hundred Out Of $74 Million In Ponzi Scheme

Douglas Vaughan faces 10 to 12 years in prison after pleading guilty to wire and mail fraud charges that involved his operation of a “Ponzi” scheme where he defrauded around 600 investors of more than $74 million.

Vaughan promised extraordinary returns which he obviously did not follow through with. In February of 2011, in an indictment alleging that, between 2005 and 2010, Vaughan operated a promissory note investment program, which he marketed as a means of generating revenue to grow his real estate business, Vaughan Company Realtors (VCR).

Vaughan entered guilty pleas to Count 1 and 4 of a 30-count indictment charging him with wire fraud and mail fraud, respectively. Under the terms of his plea agreement, Vaughan will be sentenced to a term of imprisonment between 10 and 12 years. Vaughan also faces up to five years of supervised release following imprisonment, a fine of up to $250,000, or twice the gross gain or gross loss resulting from his offenses, whichever is greater, as well as any restitution ordered by the Court.

The plea agreement also requires that Vaughan immediately forfeit to the United States previously-seized funds in the amount of $38,298.24 and real property located in Spring Valley, Nevada, and that Vaughan agree to the imposition of a money judgment against him in the amount of $74,745,723.93, which represents
a portion of the gross proceeds that he derived from the offenses charged in the indictment.

The plea agreement also requires that Vaughan resolve two other pending cases: a civil case filed against Vaughan by the Securities and Exchange Commission (SEC) in federal court, and a bankruptcy case initiated by Vaughan in federal bankruptcy court. In the SEC case, Vaughan will consent to the entry of a judgment that permanently enjoins him from violating the federal securities laws. Vaughan also is required to consent to an order by the SEC in an administrative proceeding that bars him from associating with any broker, dealer or investment advisor, and from participating in any stock offerings. In the bankruptcy case, Vaughan is required to enter into a stipulated judgment that denies him a discharge from bankruptcy.

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Under the terms of the plea agreement, the U.S. Attorney’s Office will move to dismiss the remaining 28 counts of the indictment after sentence has been imposed on Vaughan. Vaughan remains on conditions of release under pretrial supervision pending his sentencing hearing, which has yet to be scheduled – Source.


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