Three Arrested and Charged in Multi-Million Dollar Investment Scheme
In Del Rio, three men face federal charges for their alleged roles in an advanced fee investment scheme through which they obtained in excess of $5 million from their victims announced United States Attorney Richard Durbin, Jr. and FBI Special Agent in Charge Christopher Combs, San Antonio.
The two-count federal grand jury indictment, unsealed this afternoon, charges 56-year-old James Edward Cox of Waxhaw, NC; 49-year-old Kelly Ray Coronado of Del Rio; and, 53-year-old Gordon Richard Moskowitz of Sarasota, FL, with conspiracy to commit wire fraud and conspiracy to commit money laundering.
The indictment alleges that from January 2010 to January 2017, the defendants implemented a high-yield investment scheme to obtain money from multiple victims under false pretenses, promises and representations. The indictment further alleges that the defendants preyed on vulnerable parties – most of whom operated international non-profits – by promising them large-scale financing in exchange for upfront payments. Using a tapestry of deceit involving fake business entities, websites, and aliases, the defendants would induce such upfront payments and then work together to frustrate law enforcement detection and victim redress.
Upon conviction of each charge, the defendants face up to 20 years in federal prison. The indictment also seeks the criminal forfeiture of Cox and Coronado’s residences allegedly used to facilitate the defendants’ scheme.
Earlier today, FBI special agents arrested Cox and Moskowitz in Waxhaw, NC, and Sarasota, FL, respectively. Coronado was arrested in Del Rio on Monday.
Federal Bureau of Investigation special agents in Del Rio, Tampa and Charlotte conducted this investigation. Assistant United States Attorney Paul T. Harle and Daniel S. Lee are prosecuting this case on behalf of the Government.
It is important to note that an indictment is merely a charge and should not be considered as evidence of guilt. The defendants are presumed innocent until proven guilty in a court of law.