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News for Retirees

KY man convicted of fraud will get extra jail time for absconding

(Getty Pictures) A person who fled Kentucky earlier than he was as a result of flip himself in to serve…

By Staff , in Retirement Accounts , at May 13, 2022

(Getty Images)

(Getty Pictures)

A person who fled Kentucky earlier than he was as a result of flip himself in to serve a 10-year sentence for commodities fraud has had extra time tacked on to his imprisonment.

Along with his decade-long sentence, William Evans III will serve a further six months for failure to give up. He was presupposed to self-report to a federal jail in Ashland on Dec. 15. As an alternative of displaying as much as jail, he fled to Florida in a rental automobile with a couple of private gadgets, in accordance with courtroom data. He was discovered close to the Everglades after a two-day search.

Evans accepted a plea settlement and was sentenced for his new conviction Thursday afternoon in a federal courtroom in Lexington. Within the settlement, he obliged to plead responsible and serve a further six months, with a supervised launch of three years.

Along with these phrases, Evans additionally waived the suitable to attraction the responsible plea, conviction and sentence.

In 2021, Evans admitted to committing commodities fraud. He acted as an expert investor doing enterprise for Turning Level Investments, which was not licensed to function within the commonwealth, in accordance with courtroom data.

In earlier Herald-Chief articles, it was reported Evans pooled cash from greater than 20 buyers and inspired them to place in cash from particular person retirement accounts or different accounts that are penalized for withdrawing cash early.

In keeping with a sentencing memorandum, Evans would then put cash from buyers into his personal checking account or into buying and selling accounts in his spouse’s identify, use cash from shoppers to repay money owed to different shoppers, and spend some on private bills, together with enhancements to his home and funds on a ship.

For these crimes, he was ordered to pay $16.9 million in restitution prices. Federal authorities froze greater than $10 million Evans and his spouse had in varied accounts in 2020. They bought their home and boat to pay in direction of the prices, in accordance with courtroom data.

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