People sentenced to jail for cattle-trading Ponzi scheme

The Division of Justice just lately introduced a six-year jail sentence for 2 individauls concerned in a cattle-trading Ponzi scheme that resulted in hundreds of thousands of {dollars} in sufferer losses.

In accordance with courtroom paperwork, from late 2017 till early 2019, Reva Joyce Stachniw, 71, of Galesburg, Illinois, and Ron Throgmartin, 59, of Buford, Georgia, together with a co-conspirator, ran a Ponzi scheme by fraudulently representing to victims that their investments have been backed by short-term investments in Stachniw and Throgmartin’s cattle and marijuana companies. The victim-investors gave the conspirators cash primarily based on false guarantees that their investments can be used for reputable actions associated to these companies. Surely, the funds have been used to pay earlier buyers.

In August 2022, Stachniw and Throgmartin have been convicted at trial of 1 depend of conspiracy to commit wire fraud, 5 counts of wire fraud, and one depend of conspiracy to commit cash laundering.

Along with their phrases of imprisonment, Stachniw was ordered to pay roughly $14.6 million in restitution and to forfeit $6.0 million. Throgmartin was ordered to pay roughly $14.6 million and to forfeit $1.0 billion. The restitution was ordered collectively and severally between the 2.

Assistant Legal professional Normal Kenneth Well mannered, Jr. of the Justice Division’s Felony Division; Particular Agent in Cost Kyle Myles of the Federal Deposit Insurance coverage Company Workplace of Inspector Normal (FDIC-OIG), Atlanta Area; Assistant Director Luis Quesada of the FBI’s Felony Investigative Division; and Particular Agent in Cost Oliver E. Wealthy Jr. of the FBI San Antonio Area Workplace made the announcement.

The FDIC-OIG and the FBI investigated the case.