Post by Sapphire Capital on Jul 14, 2008 1:29:31 GMT 4
LOS ANGELES— July 12, 2008
Two men have been convicted of stealing more than $32 million from investors in a phony coal mining venture and a bogus gold transaction they claimed was inspired by God.
Fifty-eight-year-old Robert Jennings of Perris and 53-year-old former Marina del Rey resident Henry Jones were found guilty Friday in Los Angeles federal court of money laundering and fraud. A third man had pleaded guilty earlier.
Jennings, a pastor, faces up to 180 years in prison. Jones could get up to 250 years.
Prosecutors say the men convinced more than 500 people to invest in coal-mining and the supposedly "divinely inspired" sale of 20,000 tons of Middle East gold.
Officials say the men used some money to repay early investors but spent most of it on themselves.
Two men have been convicted of stealing more than $32 million from investors in a phony coal mining venture and a bogus gold transaction they claimed was inspired by God.
Fifty-eight-year-old Robert Jennings of Perris and 53-year-old former Marina del Rey resident Henry Jones were found guilty Friday in Los Angeles federal court of money laundering and fraud. A third man had pleaded guilty earlier.
Jennings, a pastor, faces up to 180 years in prison. Jones could get up to 250 years.
Prosecutors say the men convinced more than 500 people to invest in coal-mining and the supposedly "divinely inspired" sale of 20,000 tons of Middle East gold.
Officials say the men used some money to repay early investors but spent most of it on themselves.