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September 22, 09

NEWS / Chief Financial Officer of San Jose Company Pleads Guilty in Investment Fraud Scheme


Also Failed to Pay Taxes on Income from Fraud Scheme

SAN JOSE, CA—Gregory Scott Dixon pleaded guilty in federal court in San Jose today to wire fraud and tax evasion as part of an investment fraud scheme, United States Attorney Joseph P. Russoniello announced.

In pleading guilty, Dixon admitted he served as Treasurer and helped operate Financia Investing, Inc., along with a colleague. He further admitted that he and his colleague made false representations to investors that their money would be properly invested. Once they received the funds, they diverted the money for their personal use, used later investors’ funds to pay off earlier investors, and invested some of the funds, but at a far lower amount than represented to the investors. Dixon also sent out false IRS 1099 forms to investors, representing non-existent earnings on Financia accounts, as well as false monthly earnings statements, as a way of furthering the scheme and artifice by lulling investors’ concerns about Financia.

Whatever limited trading activity Financia had engaged in had completely stopped by July 2006, but Dixon and his colleague continued to receive and accept incoming wire transfers from investors. In December 2006, Dixon knew that his colleague was gravely ill with cancer. He falsely represented to investors that the investment activities of Financia would continue undisturbed, and that after his colleague’s death, he would contact an attorney to resolve any matters and make sure that all investors received their money. He also told investors that there was very little money left in Financia’s bank accounts. Dixon used at least $24,060 from one account to pay his personal American Express bill and withdrew all the money from the other account by way of two cashier’s checks, for $414,343.23 and $80,000, respectively. He used all the money from these transactions for personal expenses which included jewelry for his new girlfriend at the time.

Dixon also did not pay any federal taxes for the income that he made from Financia, that is, the money that he took in 2006. He evaded tax due and owing of approximately $145,150 for 2006.

Dixon (39), of Marysville, California was charged on August 18, 2009 with one count of wire fraud and one count of tax evasion. Under the plea agreement, he pled guilty to both charges.

The defendant’s next scheduled appearance is at 9:00 a.m. on January 11, 2010 for sentencing before Judge Ronald M.Whyte in San Jose.

The maximum statutory penalty for each count of wire fraud in violation of Title 18 U.S.C. § 1343 is 20 years in prison and a fine of $250,000. The maximum statutory penalty for each count of tax evasion in violation of Title 26 U.S.C. § 7201 is five years in prison and a fine of $250,000, plus restitution if appropriate. However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

http://sanfrancisco.fbi.gov/dojpressrel/2009/sf092109a.htm

 




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