Category Archives: Department of Justice

Stacey Sanders Sentenced to Federal Prison on Bank Fraud Charge-Fredericksburg, TX

February 2019-Fredericksburg, TX

A federal judge in San Antonio has sentenced 52-year-old Stacey A. Sanders of Fredericksburg, TX,  to 27 months imprisonment.  The former office manager of Memorial Presbyterian Church, located in Fredericksburg was sentenced  for bank fraud after she was caught writing and signing unauthorized checks on the church’s bank accounts.

Along with her prison term, U.S. District Judge Xavier Rodriguez has ordered Sanders to pay more than $400,000 in restitution.   She will pay $20,219  to Security State Bank and $400,087 to Memorial Presbyterian Church.  She will also be placed on supervised release for 5 years following her sentence.

 To conceal her activity, Defendant wrote various false statements on the checks’ memo line, such as “social security offset,” “additional payroll,” or “cleaning supplies.”

“It’s hard to believe that this has to be said, but stealing from houses of worship is really, really wrong.  When you defraud a bank to do it, it can become a federal case,” stated U.S. Attorney Bash.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kelley Ranae Jones Sentenced to 3 Years for Embezzlement From Arrowhead Bank-Llano, Texas

April 2019- Llano, Texas

The US Attorney’s Office for the Western District of Texas announced that 45 year old Kelley Ranae Jones was sentenced to three years in federal prison for stealing over $900,000 from her employer, Arrowhead Bank in Llano, Texas.

Jones, wo pleaded guilty to embezzlement in January 2019,  was ordered to pay over $900,000 in restitution to the bank and the prison term will be followed by five years of supervised release.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jared Rice, Sr. Indicted on Cryptocurrency Fraud-Fort Worth, Texas

November 2018-Fort Worth, Texas

The U.S. Attorney’s Office for the Northern District of Texas announced the arrest of Jared Rice, Sr. who is charged with defrauding hundreds of investors out of more than $4 million in a cryptocurrency scheme.

According to the Department of Justice press release, Rice lied when he told investors that AriseBank could offer consumers FDIC-insured accounts and traditional banking services, including Visa credit cards, in addition to cryptocurrency services.

Rice, who is charged with three counts of securities fraud and three counts of wire fraud, purportedly used the investor funds for his own personal use, faces up to 120 years in prison, if convicted.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Dallas Area Couple Indicted for Embezzling $14.5 Million From Retirement Accounts

October 2018-Red Oak, Texas

Jeffrey Richie, 53, and his wife Wendy Richie, 58, of Red Oak, TX, (a suburb south of Dallas) were indicted for conspiracy, theft from an employee benefit plan, wire fraud and aggravated identity theft. An indictment filed in the Northern DIstrict of Texas alleges that they embezzled $14.5 million from retirement accounts. If convicted on all counts, the Richies face up to 81 years in federal prison.

According to the indictment, the RIchies operated Vantage Benefits Administration which served as third party administrator for dozens of retirement funds and 401(k)s. Ms. Richie submitted fraudulent distribution requests to the retirement fund custodian, Matrix Trust Co. Upon receipt of the funds, rather than depositing into the beneficiaries accounts, the Richies used the funds for the Vantage payroll and expenses as well as personal expenses for their farm and home.

An indictment is a formal accusation of criminal conduct, not evidence. Defendants are presumed innocent unless convicted.

LInk to Department of Justice press release.

Rex Securities Law, with offices in Boca Raton, FL  and Austin, TX, provides representation to investors nationwide who are seeking recovery from investment losses due to the negligence or fraud of stockbrokers and broker dealers.   If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases are handled on a contingent fee basis meaning that you do not play legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

Toll Free: 877-224-3199

Florida:  561-391-1900

Texas:  512-329-2870

Hector May-Former Securities America Broker-Investigation Over Missing Client Funds-New City, NY

May 2018-New City, New York

Local press is reporting that Rockland/Orange County businessman and former Securities America stockbroker Hector May is being investigated by federal prosecutors on allegations of stealing money from his clients. May has operated Executive Compensation Planners in New City, NY since the mid 1980’s.

According to  FINRA records   May currently has one customer claim pending that alleges misappropriation of funds and there is a disclosure that the U.S. Department of Justice is conducting an official criminal investigation of May’s potential involvement in a suspected felony.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

May is a prominent member of the local business community and received the Rockland Business Association’s Pinnacle Award two years ago. Press reports suggest that the missing millions could be the result of a Ponzi scheme.

In a Ponzi scheme the perpetrator of the fraud uses some of the money from the new victims, who think the funds are being invested, to pay fake returns to the earlier investors. The balance of the new funds are used by the perpetrator of the fraud for personal expenses.

Hector May was a registered representative of Securities America from 8/1998 until March 2018 when he was fired. Securities America indicated the reason for the discharge was: “Misappropriation of client assets”.

If you have an account with Hector May and have questions about how it has been handled or believe you are a victim of fraud,  call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages from May’s employer, Securities America.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870