U.S. Attorney Sally Quillian Yates said Edwards persuaded retired teachers and dental hygienists to give them the equity in their homes and retirement plans.
“Then he spent the victims’ hard-earned money on lavish vacation cruises, real estate, fur coats, tiki carvings, and luxury cars,” Yates said. “With the jury’s verdict, Edwards is now facing a substantial term in federal prison.”
The jury found Edwards and Frontier Holdings guilty on two counts of mail fraud, 17 counts of wire fraud and eleven counts of money laundering.
Thirty-one victims mailed or electronically transferred more than $7 million to Edwards, Yates said. He spent the money quickly, and when the victims started demanding payment, he blamed “the banking industry” and “the powers that be” for delaying payment from his phantom investments.
Sentencing will be Dec. 1 at 10 a.m. before Senior United States District Judge Robert L. Vining.