McKinney man pleads guilty to defrauding investors out of $6.4M in diamond scheme
A McKinney man pleaded guilty Tuesday to his role in a diamond investment scheme that defrauded 77 investors out of $6.4 million.
Craig Allen Otteson, 65, pleaded guilty to one count of mail fraud in the scheme that reportedly ran from about March 2011 to November 2013, U.S. Attorney John Parker of the Northern District of Texas said in a prepared statement.
Two others — Jay Bruce Heimburger, 58, of Dallas and Christopher Arnold Jiongo, 56, of Houston — pleaded guilty in the scheme and are awaiting sentencing.
The men were involved in using investment funds to buy and resell diamonds on the international market. At some point in 2011, the three realized their business plan wasn't working and they could not honor their original promise to investors, officials said.
Read more: https://www.dallasnews.com/news/courts/2017/07/18/mckinney-man-pleads-guilty-defrauding-investors-64m-diamond-scheme