The U.S. District Attorney for the Southern District of California issued a news release that Douglas McClain, Jr., the President of Argyll Equities, Inc. was sentenced to 15 years in federal prison for his role in a multi-million dollar stock loan fraud scheme. The indictment that took place in April 2012 charged McClain with 27 counts of conspiracy, mail fraud, wire fraud, securities fraud and money laundering and on May 31, 2013 the jury returned guilty verdicts on all counts. Evidence at the trial showed that McClain and others fraudulently induced corporate executives to pledge millions worth of stock in publicly traded companies as collateral for loans by stating that borrowers would not be sold unless there was a default on the loans.
The Author of this alert is Joseph J. Nardulli, Managing Litigation Attorney atThe Wolf Firm, A Law Corporation. For a more detailed and thorough examination of this topic, you can reference “President of Argyll Equities Sentenced to Serve 15 Years Relating to $80 Million International Securities Fraud Scheme” in Targeted News Service, LLC on September 23, 2013.