Amherst Man Pleads Guilty To Wire Fraud And Money Laundering In Scheme That Bilked Three Victims Out Of More Than $800,000
For Immediate Release
U.S. Attorney's Office, Western District of New York
CONTACT: Barbara Burns
PHONE: (716) 843-5817
FAX #: (716) 551-3051
BUFFALO, N.Y. - U.S. Attorney James P. Kennedy, Jr. announced today that Raymond Clark, 41, of East Amherst, NY, pleaded guilty to wire fraud and money laundering, before Chief U.S. District Judge Frank P. Geraci. The charges carry a maximum penalty of 20 years in prison and a $250,000 fine.
Assistant U.S. Attorney Elizabeth R. Moellering, who is handling the case, stated that Clark induced three victims to send him $870,000 for supposed investments, including investments in hedge funds and publicly traded companies. Instead of investing the monies as promised, the defendant kept the money and spent it on personal expenses. As part of the plea agreement, Clark will pay restitution to the victims.
The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Gary Loeffert, and the Internal Revenue Service, Criminal Investigation Division, under the direction of James D. Robnett, Special Agent in Charge, New York Field Office.
Sentencing is scheduled for November 15, 2018, at 11:00 a.m. before Chief Judge Geraci.
Updated August 6, 2018