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Wednesday, November 12, 2008
NY Family Convicted in $1M Investment Scam
Associated Press
ALBANY, N.Y.--A federal court jury says an upstate New York couple and their son are guilty of an elaborate investment scam that bilked victims out of more than $1 million.
Prosecutors say 55-year-old Ronald Persaud and his 50-year-old wife Esther promised to secure millions of dollars in overseas financing for investors to develop large-scale projects such as ski resorts and theme parks in return for a fee. But after accepting commissions, they never came through with the money.
The Saratoga Springs couple were convicted in U.S. District Court Monday of multiple counts of conspiracy and wire fraud. Their 24-year-old son Shawn was convicted of money laundering conspiracy.
Sentencing is set for March 9. Prosecutors say the potential penalty has not been set.
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