Vance Moore had already pleaded guilty to one count of wire fraud conspiracy and nine counts of wire fraud for his part in the scam.
Moore and co-defendant Walter Netschi were charged in September 2009 with successfully soliciting over $80 million dollars worth of investments in ATMs purportedly placed in convenience stores, gas stations, malls and hotels around the country. Victims were told that they would make money through fees charged for using the cash machines.
In fact, 90% of the 4500 ATMs were actually owned by other people or simply did not exist. Moore sent monthly reports and payments to the victims purportedly relating to their investments in the ATMs. In reality, the reports were not revenues but simply money scammed from new investors.
Manhattan US Attorney Preet Bharara, says: "Vance Moore created an elaborate scheme to deceive investors, and he continued to lie when questions were asked. Today's sentencing is another reminder that those who engage in Ponzi schemes will not go unpunished."
Netschi is scheduled to be sentenced in April having already been found guilty of the same charges by a federal jury.
Moore and co-defendant Walter Netschi were charged in September 2009 with successfully soliciting over $80 million dollars worth of investments in ATMs purportedly placed in convenience stores, gas stations, malls and hotels around the country. Victims were told that they would make money through fees charged for using the cash machines.
In fact, 90% of the 4500 ATMs were actually owned by other people or simply did not exist. Moore sent monthly reports and payments to the victims purportedly relating to their investments in the ATMs. In reality, the reports were not revenues but simply money scammed from new investors.
Manhattan US Attorney Preet Bharara, says: "Vance Moore created an elaborate scheme to deceive investors, and he continued to lie when questions were asked. Today's sentencing is another reminder that those who engage in Ponzi schemes will not go unpunished."
Netschi is scheduled to be sentenced in April having already been found guilty of the same charges by a federal jury.
