Four Men Indicted for $16 Million Investment Fraud Scheme

Four Men Indicted for $16 Million Investment Fraud Scheme

(STL.News) Four men were charged in an indictment unsealed today in the Western District of Arkansas for an alleged $16 million wire fraud and money laundering scheme involving fake investment offerings.

According to court documents, John C. Nock, 53, of Fayetteville, Arkansas; Brian Brittsan, 65, of San Marcos, California; Kevin Griffith, 66, of Orem, Utah; and Alexander Ituma, 55, of Lehi, Utah, allegedly engaged in an investment fraud scheme between 2013 and 2021 through their firm, The Brittingham Group, by falsely representing the nature of their investment offerings and promising large returns they could not and did not produce. The indictment further alleges that Nock and Brittsan directed victims to send their funds to bank accounts controlled by Griffith, Ituma, and others, and the defendants then transferred the money through a complex web of bank accounts throughout the world.

The defendants are each charged with wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.  In addition, Nock is charged with money laundering.  The defendants made their initial appearances in federal court today in the Western District of Arkansas.  If convicted, the defendants face up to 20 years in prison for each count of wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering.  Additionally, Nock faces up to 10 years in prison for money laundering.  A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney David Clay Fowlkes for the Western District of Arkansas; Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division; Special Agent in Charge Christopher Altemus of the IRS-Criminal Investigation (IRS-CI), Dallas Field Office; and Special Agent in Charge James A. Dawson of the FBI’s Little Rock Field Office made the announcement.

IRS-CI and the FBI investigated the case.

Assistant U.S. Attorney Steven Mohlhenrich for the Western District of Arkansas and Trial Attorneys Philip Trout and Vasanth Sridharan of the Criminal Division’s Fraud Section are prosecuting the case.

An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

SOURCE: USDOJ.Today