Virginia Beach Concert Promoter Sentenced To 41 Months For Fraud Scheme
RICHMOND, Va. – Kensey Lamonte Wright, 43, of Virginia Beach, Virginia, was sentenced today to 41 months in prison, followed by 3 years of supervised release, for wire fraud. Wright was also ordered to pay $940,600 in restitution to his victims.
Dana J. Boente, United States Attorney for the Eastern District of Virginia; and Joseph Morrison, Assistant Special Agent in Charge of the United States Secret Service’s Richmond Field Office, made the announcement after sentencing by Senior United States District Judge James R. Spencer.
Wright pled guilty on June 10, 2014. According to court documents, between January 2007 and December 2013, he acted as a representative of Fifth Degree Tours #1, Inc., Fifth Degree Records, Inc., and Turnwright Enterprises, Inc. In that capacity, Wright solicited individuals in Virginia and elsewhere to invest in concerts, tours, and similar entertainment events to be held throughout the United States.
Wright promised returns as high as 100% within just two weeks to two months, and represented to investors that their funds would be used to produce and promote entertainment events, including ones featuring Prince, Beyoncé, Jay Z, R Kelly, and TLC, among others. Rather than use the investment funds as he had promised, Wright used the vast majority of the funds for his personal benefit, including for gambling and other expenses at various casinos.
As a result of Wright’s ongoing scheme to defraud, investors lost $940,600.
This case was investigated by the United States Secret Service. Assistant United States Attorneys Dominick S. Gerace and Michael Gill are prosecuting the case on behalf of the United States.
A copy of this press release may be found on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information may be found on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 3:13CR143.