The FBI in San Francisco in charge of the investigation, announced on Friday 20 December 2019 that Joey Stanton Dodson, a 55-year-old California man who was the chairman and managing partner of an energy company has been charged for alleged involvement in Ponzi scheme of over $15 million, where about 50 people were victims. The charges which were filed in the Northern District of California included four counts of wired fraud, three counts of mail fraud and three counts of money laundering.
Joey was arrested on Friday morning and appeared before U.S. Magistrate court for indictment charges that he fraudulently raised over $15 million through soliciting for fake investment in partnerships limited to provide water-related services to oil and gas companies in North Dakota. He was further alleged of developing several false information and resources meant to facilitate the acquisition of the partnership.
The allegations in the indictment also explained that Dodson used the funds from the three partnerships for unrelated projects, and over $1.3 million of the funds was used for his personal benefits such as repaying former investors on unrelated projects, gambling, wife’s car and many more. Trial Attorney Jason M. Covert of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Sarah Griswold of the Northern District of California are prosecuting the case.
