Ponzi suspect allegedly first targeted parents

By RHONDA COOK

The Atlanta Journal-Constitution

Anthony Ray took millions from strangers under the guise of investing in real estate, but the first two victims of his Ponzi scheme were his elderly parents, DeKalb police said.

The parents turned in their son after he allegedly took them for $160,000.

“They were shocked, devastated,” said Anthony Ray’s twin brother, Antonio. “I remember when I looked at my father ... he was in a daze, depressed. [Looked] like he had just seen a ghost. What parent would want to say that ‘my child did this to me’ and say ‘my son has taken everything we have and we have to prosecute.’ ”

Anthony Ray has been in the DeKalb County Jail since March on charges of operating a Ponzi scheme, financial identity fraud, theft by deception and mortgage fraud. His bond is $980,000.

Calvin Ray, 70, said his son broke his heart and his 66-year-old wife, Anthony’s mother, is “devastated.”

Antonio Ray said his brother in no longer welcome in his parents’ life.

Antonio said he gave up on his brother years ago, after Anthony Ray stole his identity and went to prison for five years. But his parents had not, and they allowed Anthony to live with them after he was released from prison and that’s when Anthony Ray began working on his parents, police said.

DeKalb Police Lt. Myron Logan said Anthony Ray stole at least $5 million from more than 30 people with promises of wealth from real estate deals. He said Anthony Ray trolled churches for victims, including a couple from the Pine Grove Baptist Church in Milner who lost $137,400 to Anthony Ray.

Police suspect there are more victims who came in contact with Key Funding Group or Anthony Ray. Logan said Anthony Ray would have hosted his victims his Buckhead condo or the $680,000 Decatur house. The house, which he used as an office and to host parties for potential investors, allegedly belonged to another victim.

Logan said the Ponzi scheme started when Anthony Ray and his father “went into business to buy houses” for resale. That’s when he “took his father’s identity and took out huge loans and put up his father’s home for collateral,” Logan said.

By the time the Rays reached out to Logan, “they were in the process of losing their homes.”

Logan said victims actually lost their houses or the money they had saved for their children’s college.

Logan said Anthony Ray would entice people to invest with promises of big profits. He would back up that promise by quickly giving back some of the money he had taken from them under the guise that this was their initial earnings.

Logan said Anthony Ray even taught one of his victims “how to trade foreign currency while he was [also] ripping him off.”

According to a police report, William Thrash and his wife saw Anthony Ray’s presentation at church in Milner. The congregation, including the Thrashes, was made by their pastor, so they trusted him, Logan said.

Thrash told police Anthony Ray said his business, Key Funding Group, would refinance his house for $201,144. Anthony Ray said he would maintain the payments, which he didn’t, according to the report.

Thrash said Anthony Ray pocketed $62,900 and was to use the rest to buy investment real estate.

The report said others from the Pine Grove Baptist Church also invested with Anthony Ray.

Logan said victims did not know their money was gone until it was too late and then things moved fast.

“The emotional side of it for the victims is the betrayal of trust,” Logan said. “They are so deeply wounded. He [Anthony Ray] spent time in their homes. They spent time in his home. They realized all along it was a ruse.”

Logan suspects there are more victims they have not identified and ask that anyone with more information to call 770-724-7711.