SHERMAN (September 28, 2012)—A U.S. District Judge in Texas has sentenced two men to five-year prison terms in a $17 million real estate scam using radio promotions.
Jeremy Louder, 33, of Frisco and Jeffrey Brown, 43, of Dallas both had pleaded guilty to conspiracy to commit mail fraud in a case involving more than 80 investors nationwide.
Investigators say Quadwealth used radio advertising in the Dallas area to market itself falsely as an elite financial planning and wealth management group.
Some of the investment funds were used to pay the personal expenses of Louder and Brown.
Brown was ordered to repay about $14 million and Louder must make $17 million in restitution in the fraud that ran from 2006 through 2010.