SOUTH BEND - Charles Ray Smith, 52 years old, of Elkhart, Indiana, was sentenced by United States District Court Judge Damon R. Leichty after pleading guilty to wire fraud, announced United States Attorney Clifford D. Johnson.
Smith was sentenced to 24 months in prison followed by 3 years of supervised release and was ordered to pay $315,020 in restitution to the victims of the offense.
According to documents in the case, from November 2016 to October 2021, Smith represented to several people that if they invested money with him, they would receive large returns on their investments. Induced by Smith’s representations, certain individuals gave him money. Smith did not invest the money as promised, but instead used it for his own personal benefit including purchasing his 3,500-square-foot residence. As a result of this scheme, Smith fraudulently obtained over $300,000.00.
This case was investigated by the Federal Bureau of Investigation. This case was prosecuted by Assistant United States Attorney Luke N. Reilander.
Source: U.S. Department of Justice, Office of the United States Attorneys