Fraud Case : A Case

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Recent Fraud Case Co-Founder of OXYwater and Wife Sentenced for Wire Fraud, Money Laundering and Tax Crimes Soraya Swaby Keller Graduate School of Management Fraud Case Bio On August 25th 2015 Co-Founder of OXYwater Preston J. Harrison and his Wife Lovena Harrison were sentenced for Wire Fraud, Money Laundering and Tax Crimes. (Investor Claims, August 2015). I chose this case because it has many different types of fraud, including wire fraud, money laundering, and tax fraud, conspiracy to commit fraud, concealment of fraud, theft and misappropriation of funds. What makes this case so interesting is that the husband and wife co-owners of OXYwater are not the only criminals. Their co-conspirator was Thomas E. Jackson;…show more content…
However, that is not the case here, Imperial LLC and OXYwater had no intention of actually making the oxygen water with the chemical compounds it promised. Their fraudulent plot was solely based on using investors’ money for their personal use and in order to keep the investors interested they falsified financial records and published misleading and misstated sales report (Justice News, August 25). “Harrison’s wife Lovena was charged with conspiracy to defraud the IRS after she filed a false income-tax return and structuring financial deposits to avoid having the money reported to the government”. (Gray, 2015) The fraudsters concealed their crimes by hiding and laundering their investor’s funds through the wife’s day care business. Many different parties were affected by OXYwater and Imperial, among their long list of investors’ R&B artist Ne-Yo was one of their victims, he invested approximately $2.5M in OXYwater after he was advised to do so by his then accountant Kevin Foster who unbeknown to the artist was a financial consultant for Imperial LLC. (Justice News, August 25). As illustrated below it seemed there was no end to their mayhem thankfully their elaborate scam finally caught up with them and they went bankrupt. ILLUSTRATION Participants Description Their Role Their Outcome The

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