A Georgia man was convicted Tuesday in a scheme that netted him more than $7 million, the U.S. Attorney's Office announced.
Jeffrey Wallace Edwards, 46, of Bremen, and his corporation, Frontier Holdings Inc., were found guilty of two counts of mail fraud, 17 counts of wire fraud and 11 counts of money laundering by a federal district court jury in Rome.
“He persuaded retired teachers and dental hygienists to give them the equity in their homes and retirement plans. Then he spent the victims’ hard-earned money on lavish vacation cruises, real estate, fur coats, tiki carvings, and luxury cars,” U.S. Attorney Sally Quillian Yates said.
Edwards promised returns of between 41 and 1066 percent on money put in high-yield investment accounts, according to the evidence presented in court. He also claimed to own a bank and be a "special agent" of the Federal Reserve.
More than 30 people sent over $7 million to Edwards. When investors demanded payments, he could not deliver, authorities said.
He will be sentenced Dec. 1 and could get up to 40 years in prison, Channel 2 Action News reported.
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