According to a U.S. Department of Justice press release, James Blackman Roberts, 71, was sentenced January 23 to wire fraud charges. He entered a guilty plea in May 2008 on one count of wire fraud.
During his plea, Roberts acknowledged that when he began obtaining heavy losses in foreign currency exchange trading, he began a PONZI scheme telling investors that he was getting high returns on investments by paying earlier investors with later investor's money.
Roberts admitted that he posted gains on a website used by investors to see the current status of their investment when in fact there were substantial losses.
There were more than 400 investors throughout the United States and Central America that fell victim to this scheme.
Roberts admitted that the loss attributed to his fraudulent conduct was $43,456,674.
Along with 180 months, or 15 years, in prison, he is sentenced to repay the $43 million plus as well as adding three years probation after he gets out of prison.
In other police news, a 78-year-old Heber Springs man was arrested around 10 p.m. Monday for DWI.
According to a report by Heber Springs Officer John Murphy, the police department received a call reporting the man was offering people money to take him home and was intoxicated. When Murphy arrived in the area, he found a 2008 Chevy van attempting to leave and was told the man driving was the one asking for a ride.
Murphy reportedly smelled an odor of intoxicants on the driver and after the man failed field sobriety tests, he was arrested.
At the jail he reportedly refused to take a breath test to determine alcohol content.
In addition to DWI, he was charged with refusing a breath test.
Heber Springs, Ark. —
