Man Sentenced to Fifteen Years in Prison for Operating Ponzi Scheme With Two Children
A federal judge sentenced a man to fifteen years in prison for his role in a Ponzi scheme that swindled investors out of nearly $11 million. Roy Fluker, Jr., 56, received the sentence after his son and daughter each received eight-year prison sentences for their role in the scheme. Along with the prison sentence, Fluker and his children were ordered to forfeit $9 million to authorities and to pay restitution of $7,336,957 to defrauded investors.
From 2005 to 2008, Fluker operated More Than Enough LLC and Locust International LLC, which took in nearly $20 million from mainly African-American investors. Potential investors were offered the ability to earn twenty-five percent monthly returns, resulting in a yearly profit exceeding two hundred percent of the original investment. Investors were also given the option to invest in a "Housing Program" that promised to reduce mortgage payments and allow outright home ownership in five years. Instead, investor funds were used for personal expenses and to make interest payments to existing investors, and losses totaled $10 million when the scheme collapsed in 2006.
The Illinois Attorney General's office has thus far recovered over $3 million for victims of Fluker's scheme.