St. Louis man pleads guilty to fraud charges
St. Louis, MO - United States Attorney’s Office announced today that King Bethel Harris admitted with his plea to soliciting more than $60,000 from a resident of Minnesota for the purpose of investing in an "Advice Note" involving international financial institutions. Harris promised the investors the "Advice Notes" were a safe investment, that he was experienced in such matters and that, at worst, the investors would get their money back because it would remain in his escrow account until placed. In all, Harris admitted to soliciting more than $120,000 in investments in this way. Despite his promises, Harris admitted to spending the investors' money on personal expenses instead of investing the funds.
KING BETHEL HARRIS, St. Louis, MO, pled guilty before the Honorable Jean C. Hamilton, who sent sentencing for May 17, 2012.
He now faces a maximum penalty of 20 years in prison and/or fines up to $250,000, along with mandatory restitution. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
This case was Investigated by the Postal Inspection Service and Federal Bureau of Investigation. Assistant United States Attorney Tom Albus is handling the case for the U.S. Attorney’s Office.