Two North Texas men were sentenced to federal prison this week for their roles in a multimillion dollar real estate fraud scheme, according to the U.S. Attorney?s Office for the Eastern District of Texas.
Jeffrey Brown, 43, of Dallas?and Jeremy Louder, 33, of Frisco?were each sentenced to five years in federal prison for conspiring to commit mail fraud. The two had pleaded guilty last year.
U.S. District Judge Leonard Davis also ordered the pair to pay restitution to the 82 people who fell victim to their scheme. Brown must pay more than $14 million, while Louder must pay more than $17 million, according to prosecutors. Both men were taken into custody immediately after the sentencing hearing.
According to court documents, Louder and Brown controlled Quadwealth, a Plano-based company that marketed itself as an exclusive financial planning and wealth management group. Investors could purchase memberships in one of three tiers between $3,000 and $100,000.
Quadwealth advertised extensively through its website and radio promotions in the Dallas/Fort Worth area. ?Prosecutors say Louder, Brown and others intentionally made numerous false representations and omissions of material fact to induce people to invest with them between 2006 and 2010. In one case, a man invested $100,000 with Quadwealth after being told his money would earn a rate of return of between 102 percent and 800 percent, court documents show.
The case was investigated by the FBI.
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