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Man Goes to Prison for Payday Online cash advance Scheme
Most of the payday online cash advance related crimes I write about involve petty thieves pointing guns in peopleís faces and taking off with a bunch of cash. Today, however, I came across a payday online cash advance crime of a different type.
I donít know if this guy was giving out fax payday online cash advancesor no fax payday online cash advances or what, but he wasnít giving out nearly as much as he told his investors he was. Hereís the scoop.
From the Baltimore Business Journal:
Alvin Allister Ambrose, 37, formerly of Broadwater Road in Clarksville, was sentenced by Howard County Circuit Court Judge Timothy J. McCrone to eight years in prison, with all but six months suspended, and ordered to pay $602,790 to investors.
Ambrose was convicted on June 28 on charges stemming from his misuse of $5.04 million in funds invested by more than 180 investors to provide payday online cash advances to clients of Ambroseís cash-advance business with a promised high rate of return to investors, the Attorney Generalís office said. The stateís investigation determined that, of that amount, Ambrose invested only $261,932 in payday online cash advances, the Attorney Generalís Office said.
Prison for payday online cash advance fraud
Ambrose was charged with ďfraudulent misappropriation by a fiduciary.Ē I wonder how long it will take him to pay back the $602,790? Itís odd to me that he was sentenced to eight years in prison but will really only go there for six months, but this type of thing happens all the time so I guess the justice system knows what itís doing.
This just highlights the fact that there are a whole lot of scammers out there. Sometimes it doesnít matter how well you research a person before letting them handle your money, but it never hurts to thoroughly check out a business, individual securities broker or anyone else who youíre allowing to invest your money.
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