Carl Channing Spence, a 40-year-old resident of Mont Belvieu, pleaded guilty Thursday in federal court to operating what prosecutors describe as a $2.1 million Ponzi-style investment scheme that relied on personal relationships. Authorities say he promised consistent, high returns while falsifying account statements and directing investor funds into an account under his sole control. Spence is scheduled for sentencing on April 14 and faces up to 20 years in federal prison.
Spence acknowledged that he fraudulently raised over $2.1 million from investors between January 2022 and August 2023 through a home-based operation called AEI Financial. According to court filings, he used funds from new investors to pay returns to earlier investors and cover personal expenses, rather than investing the money as promised.
A federal grand jury indicted Spence in September 2023, the U.S. Attorney’s Office for the Southern District of Texas said. The FBI led the investigation, and Assistant U.S. Attorneys Thomas Carter and Brad Gray are handling the prosecution.
How the pitch worked
Prosecutors say Spence promoted AEI Financial by capitalizing on the popularity of viral meme stock trading, presenting his strategy as a way to generate quick, consistent gains. He allegedly promised returns of 10 to 12 percent and provided fabricated account statements showing profits that never existed…