Advertising Executive Sentenced To Forty Years In Federal Prison For Fraud Scheme

[nitpicker]

https://www.justice.gov/usao-mdfl/pr/advertising-executive-sentenced-forty-years-federal-prison-fraud-scheme

Department of Justice
U.S. Attorney’s Office
Middle District of Florida

FOR IMMEDIATE RELEASE
Thursday, December 6, 2018

Advertising Executive Sentenced To Forty Years In Federal Prison For Fraud Scheme

Tampa, Florida – United States Attorney Maria Chapa Lopez announces that U.S. District Judge Elizabeth Kovachevich today sentenced Gary Todd Smith (49, Fayetteville, North Carolina) to 40 years in federal prison for wire fraud and conspiracy to commit wire and mail fraud. The court also ordered Smith to forfeit $63 million, an amount traceable to proceeds of the offense. Smith had pleaded guilty on June 7, 2017.

According to court records, Smith ran Smith Advertising, which turned into a massive fraud scheme. Smith borrowed money from more than 150 people, and each earlier loan was repaid from subsequent loans. Smith lied about the purpose of the loans, and he and his co-conspirators created fake documents to mask the scheme. Over the course of the five-day sentencing hearing, the court heard from more than 50 victims who described the devastation wrought upon their lives by Smith’s massive fraud scheme. The victims suffered bankruptcies, loss of their homes, loss of retirement funds, and loss of their children’s education funds.
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