Scams in the News

Fraudster Deported Back To United States To Face $3.2 Million Fraud Charges

This past New Year’s weekend Joseph Randall Medcalf was deported by Panama officials back to the United States after being charged with defrauding investors of $3.2 million.

Medcalf fled the country back in 2008 after filing for personal bankruptcy in 2007 in order to discharge debts related to his scheme.

According to the indictment, between May of 2002 until October of 2007 Medcalf, a financial advisor, defrauded clients by encouraging them to invest in bogus investment opportunities. Specifically two primary bogus investment opportunities that he himself had formed called All Valley Holdings LLC and CenCal Value Investments LLC. The indictment alleges that Medcalf did not invest the clients’ money as promised but used it for his own personal expenses and enjoyment.

Medcalf re-entered the United States on December 31, 2011 in Atlanta, Georgia and is scheduled to appear in federal court. It is anticipated that he will be ordered to be transported to federal court in Fresno, California to face charges.

If convicted, Medcalf faces the maximum statutory penalties for the mail and wire fraud counts of 20 years in prison and a $250,000 fine. Any sentence will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

The charges are only allegations, and the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

“You can run, but you can’t hide. International cooperation in the pursuit of fugitives is essential as we combat complex financial crimes. Mr. Medcalf is the latest in a long list of fugitives who have been brought back to the United States to face justice. My office is grateful to the authorities in Panama for their assistance in this matter” said U.S. Attorney Benjamin Wagner – Source.


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Amanda Miller

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