How You too can make $6 Million.
Well, if you are James E. Upshaw Senior you can make $6 million over four years by stealing from your fellow African Christian Church members, and then end up with only $600 worth 7.5 years of prison time. The SEC announced that Mr Upshaw was ordered "to pay disgorgement in the amount of $2,189,183.37 plus prejudgment interest in the amount of $68,438.78, but waives payment of those amounts and does not impose a civil penalty against Upshaw based upon his Sworn Statement of Financial Condition and the fact that Upshaw is currently incarcerated. The Circuit Court of Cook County criminally convicted Upshaw for theft and securities fraud in December 2004 and sentenced Upshaw to seven and one-half years in prison. Upshaw is not scheduled to be released from prison until July 2013." (my emphasis)
When you read the SEC's complaint, what stands out for you?
Technorati Tags: securities fraud, sec, sworn statement, church members, informal style, cook county, breezy, allegation, half years, christian church, sentenced, stealing
For me, the interesting part of the complaint -apart from its breezy and informal style- is the allegation that Mr. Upshaw paid $30,000 to a church member who was writing a book. The church member is not identified, but my guess is that this individual was a key part, perhaps even innocently, of the Upshaw's affinity scam. The key part to running any ponzi scam is to realize that if you are stealing from Paul to pay Peter, you can count on the support of Peter. You best get Peter to sing your praises loud and wide, if you want more Pauls to line up at the trough.
Technorati Tags: securities fraud, sec, sworn statement, church members, informal style, cook county, breezy, allegation, half years, christian church, sentenced, stealing
