Sunny
30°
Sunny
Hi 32° | Lo 24°

Man gets 5-plus years in investment scheme

The second partner in a sham New Hampshire-based investment scheme will spend an additional five years behind bars on a wire fraud conviction.

Sixty-one-year-old Steven Lewis — who resides in a Florida jail cell for an earlier fraud conviction — was sentenced in federal court Thursday to five years and three months.

Lewis and William Orestis formed Equivest in 2003 and lured investors with promises of high returns through investments in foreign currency. Lewis created false account statements to stoke investors’ confidence in Equivest.

The pair bilked more than $600,000 from dozens of investors between 2003 and 2010.

Lewis told the judge when things started going wrong in his life, he compensated by using lies and deceit.

Orestis was sentenced in January to 33 months in prison.

Legacy Comments1

Sounds like a "state regulated" business - do I sense another repayment fund starting.

Post a Comment

You must be registered to comment on stories. Click here to register.