Local man charged with orchestrating investment fraud scheme
For Immediate Release
U.S. Attorney's Office, Southern District of Texas
HOUSTON – A 38-year-old Mont Belvieu resident has been taken into federal custody on charges he diverted victims’ monies for his personal use, announced U.S. Attorney Alamdar S. Hamdani.
A federal grand jury returned the indictment Sept. 27 against Carl Spence.
Spence allegedly ran an investment business called AEI Financial from his residence. According to the charges, Spence lured victims by promising he would invest their funds and obtain 20-30% returns on investment. He also allegedly falsely represented to investors that he was registered with the SEC.
Spence would divert victims’ money and use it to pay for his own personal expenses or to pay previous investors, according to the charges. In addition, although the victims’ money had been significantly (or nearly completely) depleted, Spence would allegedly produce fraudulent account statements showing that the victims’ accounts had grown.
Spence faces one count of wire fraud which carries a penalty of up to 20 years imprisonment and a possible $250,000 maximum fine, upon conviction.
The FBI conducted the investigation. Assistant U.S. Attorneys Thomas Carter and Brad Gray are prosecuting the case.
An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.
Updated September 27, 2023
Securities, Commodities, & Investment Fraud