Man convicted of fraud (from my neck of the woods)

A federal jury convicted a former Colleyville resident on all 19 counts of an indictment related to a pyramid investment scheme he operated, U.S. Attorney Richard Roper said Friday.

After an eight-day trial, the jury convicted James Ray Phipps, 59, of mail fraud, wire fraud, money laundering and tax-related charges.

Carlton McLarty, a lawyer for Mr. Phipps, said there was a "very high likelihood" his client would appeal.

Federal prosecutors said Mr. Phipps ran an elaborate pyramid scheme known as "Life Without Debt" from June 1996 through June 2006. He worked out of his Colleyville home until 2001, when he moved to Alabama.

Mr. Phipps is scheduled to be sentenced Aug. 22.

posted by steve_o @ 5/09/2007 04:39:00 PM