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U.S. Department
of Justice
United
States Attorney 1100
Commerce St., 3rd Fl. |
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Telephone (214) 659-8600 |
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FOR IMMEDIATE RELEASE |
DALLAS, TEXAS
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CONTACT: 214/659-8600 www.usdoj.gov/usao/txn |
JANUARY 31, 2007
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JUDGE SENTENCES FAMILY MEMBERS WHO Gregory Setser Sentenced to 40 Years in Prison, Without Parole U.S. Attorney Roper said, “I applaud Judge Lynn’s tough sentences today --- it should send a clear message that those who use religion as a tool to defraud, will be severely punished. There is simply no form of fraud more pernicious.” Gregory Earl Setser, a recent resident of Canton, Texas, who most recently resided in Alta Loma, California, was the President, CEO and Chairman of International Product (IPIC), an import/export company which operated out of Canton, Texas, and later from Ontario, California, Florida, and other places. At trial, the jury found that Setser, a self-proclaimed former minister, exploited his connections to highly visible members of the evangelical Christian community to meet potential investors, legitimize IPIC’s operations and sell IPIC securities, ultimately defrauding investors of approximately $62 million in his elaborate Ponzi scheme. Gregory Setser’s sister, Deborah Setser, of Rancho Cucamonga, California, who was convicted along with Setser at trial in June, was sentenced today to 15 years in prison. Deborah Setser was an officer of IPIC and was involved in the offer and sale of investments in programs with IPIC and Home Recovery Network (HRN), a companion fraudulent scheme run by the defendants. Deborah Setser has been in custody since her conviction. Cynthia Faye Setser, Gregory Setser’s wife, did not appear for her original sentencing date and remains a fugitive. She pled guilty prior to trial to one count of securities fraud. Her photo is attached to this press release (.jpg file). Anyone with information regarding her whereabouts is requested to contact the Federal Bureau of Investigation at 972-559-5000. Setser’s son, Joshua Nathan Setser, also pled guilty to securities fraud and was sentenced earlier this month to two years in prison and six months of home confinement. U.S. Attorney Roper praised the investigative efforts of The Securities Fraud Task Force, which includes representatives from the Securities and Exchange Commission, the Texas State Securities Board, the Federal Bureau of Investigation and the Internal Revenue Service - Criminal Investigation. The case was prosecuted by Assistant United States Attorneys Jeffrey J. Ansley, Marcus Busch and Special Assistant United States Attorney Constance L. Melton.
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