A man accused of swindling more than $650,000 from church members in a Ponzi scheme pleaded guilty Wednesday to racketeering and was sentenced to 12 years in prison, DeKalb County prosecutors said.
Between 2006 and 2008, Anthony Ray began soliciting investments for real estate transactions for his company, Key Funding Group. He told his victims, including members of Pine Grove Baptist Church, he was going to buy distressed real estate to renovate and sell at a profit. He received investments, but he did not buy any properties and never returned the money, prosecutors said.
Ray was already serving a sentence for using his father's identity to obtain $120,000 from a bank in 2005. Because Ray had a number of prior convictions, he was sentenced as a recidivist, meaning he will serve every day of his 12-year prison sentence. He was also sentenced to serve eight years on probation after his release from custody.
"This was an elaborate Ponzi scheme that cost nearly a dozen victims to lose a substantial amount of money," DeKalb District Attorney Robert James said. "He had a total disregard for others to the degree he even stole from his own father. I hope this case serves as a warning for residents to do a thorough background check on any investments that may sound too good to be true. They often are just that."
About the Author
