Arizona man and woman face conviction for role in $20 million investment fraud case
An Arizona man will be sentenced in June after a federal jury in Virginia found him and a California man guilty of conspiracy to commit mail and wire fraud and money laundering in the part of a nationwide investment scheme involving fraudulent dental franchise and wireless spectrum license applications, according to a statement from the Internal Revenue Service’s Criminal Investigation Unit.
U.S. District Judge Raymond A. Jackson presided over the trial, which ended Feb. 23.
Court records and evidence presented at trial show that between approximately 2011 and 2017, David Alcorn, 78, of Scottsdale, founder and owner of Phoenix-based Janus Spectrum LLC, and Aghee William Smith II, 70, of Roseville , California, were part of an alleged conspiracy that operated out of California, Arizona, Florida, Idaho and other locations in the United States.
Alcorn, Smith and their co-conspirators – including Scottsdale residents Kent Maerki, 78, and his wife Norma Jean Coffin, 60; Daryl Bank, 51, and Raenn Gibson, 49, of Florida; insurance salesman Tony Sellers, 62, of Idaho; insurance salesman Tom Barnett, 69, of California; attorney Billy Seabolt, 56, of Williamsburg, Virginia; and Roger Hudspeth, 51, of Suffolk, Virginia – tricked hundreds of unsuspecting investors, most of whom were near or near retirement age, into investing or sending money to companies owned and controlled by Alcorn, Bank and Maerki.
Read more of this story from the Phoenix Business Journal.