Charles Lawrence, 50, of Northpoint, New York, has been sentenced to 54 months in federal prison for orchestrating an investment fraud scheme that defrauded investors of over $4 million, the U.S. Attorney’s Office for the Eastern District of Wisconsin announced today.
Lawrence’s scheme targeted victims both in the United States and abroad. the department says.
Court records revealed that Lawrence, a former investment advisor, used entities under the name “Landes” to solicit investments, promising significant returns in a so-called “trading program.”
Lawrence falsely claimed that investors’ funds would be secure and that profits of 50% or more were likely.
He used “finders” to attract victims, giving them the illusion of legitimacy through contracts and fraudulent web portals that showed fake account balances and performance updates.
Rather than investing the money, Lawrence spent nearly $5 million on personal luxuries, including private jet trips, vacations, and extravagant purchases such as a 10.8-carat diamond Cartier ring, according to the court.