Texas Ponzi Scheme Unravels in Beaumont Courthouse
The steadily unraveling, sordid $2.3 million Ponzi scheme perpetrated by a Kansas lawyer has finally reached its inevitable end. In 2007, Clifford R. Roth began pumping a fraudulent investment opportunity supposedly based in Beaumont, Texas. The too-good-to-be-true deal involved early investors receiving funds they thought were dividends but were in fact equity infusions from new investors. Their excitement fueled the money till until earlier this year when the truth finally caught up to Roth and his many victims.
Mr. Roth, who pled guilty on March 14 to interstate transportation of money taken by fraud, was sentenced yesterday in a Beaumont federal court. He’ll arrive in federal prison later this month to begin serving his criminal sentence. In addition to criminal consequences, Mr. Roth is also civilly liable for his financial misdealing.
Fears | Nachawati knows the pain of financial misconduct. For many victims, it’s not just lost money, but lost opportunity – trips with loved ones you can’t take, retirement funds squandered, or college funds evaporated. Justice can be yours. To find out how to recover from your loss, talk to us. Just call 1.866.705.7584 or email info@fnlawfirm.com.
