Four found guilty in investment scams |
 |
December 5, 2004 –
Four people with South Florida connections were convicted by a federal jury for their roles in a nationwide investment scam that defrauded some 400 investors out of $48 million.
Raphael Raymond Levy, who is also known as R. Ray Levy, his daughter, Ronalee Levy Orlick, Larry E. Schwartz and Edward Meyer were convicted on various counts of fraud, money laundering, and transporting stolen property. Schwartz was the owner of First Capital Services and First Consolidated Financial. Levy, a Delray Beach resident, was the owner of U.S. Capital Funding. Orlick served as resident of U.S. Capital Funding from 1998 to 2001. In an April 2004 indictment, federal prosecutors in Miami alleged that Levy and Orlick recruited hundreds of insurance agents around the country to solicit investors in Florida, Indiana, Maine, New Hampshire, New York, Virginia and Washington. Levy and Orlick allegedly promised that the funds would be placed in guaranteed or insured securities and that they would not collect commissions up front. They promptly, however, deducted huge commissions for themselves as soon as investor funds were received by U.S. Capital Funding, according to the indictment. Levy was convicted on 17 counts; Schwartz and Orlick on 12 counts each; and Meyer on 3 counts.
|
