Another "life without debt" Ponzi scammer sentenced
http://www.cybersafe.gov/tax/usaopress/2007/txdv07-5-4-Phipps.pdf
FEDERAL JURY CONVICTS PONZI SCHEME OPERATOR
WHO DEFRAUDED INVESTORS OF $25 MILLION
James Ray Phipps Ran “Life Without Debt” Pyramid Scheme
from Colleyville, Texas
DALLAS — A federal jury has convicted James Ray Phipps, on all 19 counts of an indictment charging various offenses related to an elaborate pyramid investment scheme he operated, announced U.S. Attorney Richard B. Roper, of the Northern District of Texas. After eight days of trial, that began on April 23, 2007, before U.S. District Judge Barbara M.G. Lynn, the jury found Phipps guilty of three counts of mail fraud, one count of wire fraud, 11 counts of money laundering, one count of corrupt endeavor to obstruct and impede the Internal Revenue Service (IRS) laws, and three counts of income tax evasion.
