Cleveland, GeorgiaLocal Weather Alerts
There are currently no active weather alerts.
Monday, August 20, 2018
Breaking News

Cleveland Man Sentenced To Federal Prison For Defrauding Investors

5-11-18

 

(GAINESVILLE)- A Cleveland man has been sentenced to federal prison on charges that he defrauded 18 individuals of more than $1 million after he persuaded them to invest their retirement savings in tracts of timber land. 

According to a news release from United States Attorney ‘BJay” Pak,  67-year old  Elmer Swain Stewart, of Cleveland, was sentenced by U.S. District Court Judge Richard  Story to two years in prison, to be followed by three years of supervised release, and ordered to pay restitution in the amount of $218,000. Stewart pleaded guilty to one count of wire fraud on December 8th , 2017.

According to the release said  that he would use his investors’ money as earnest money or down payments on timber bids, instead, used the investors’ money to pay for a lavish lifestyle for himself that he could not otherwise afford.

Stewart lived on a horse farm valued at $1.5 million that he falsely claimed he owned. He also used the money for trips to Alaska, Hawaii, and other places.

 Pak in the release said,  “Stewart’s victims trusted him with much of their retirement savings and gave him thousands of dollars to invest, in return, this greedy defendant stole from his investors and used their money to fund his lavish lifestyle.” 

This case was investigated by the Federal Bureau of Investigation.

 

Share With Others

Leave a Reply

Your email address will not be published. Required fields are marked *