{"id":13153,"date":"2015-06-25T14:47:48","date_gmt":"2015-06-25T21:47:48","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=13153"},"modified":"2015-06-25T14:49:36","modified_gmt":"2015-06-25T21:49:36","slug":"defendants-allegedly-conned-70-investors-out-of-17-million-by-promising-big-returns","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=13153","title":{"rendered":"Defendants Allegedly Conned 70 Investors Out of $17 Million By Promising Big Returns"},"content":{"rendered":"

OHIO<\/strong><\/p>\n

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\"ImagesFederalCourts\"<\/a>A federal grand jury indicted three men from Northeast Ohio for their roles in a conspiracy to defraud about 70 investors out of\u00a0about\u00a0$17 million, law enforcement officials said.<\/p>\n

Thomas Abdallah<\/strong>, 51, of Brunswick, Mark M. George<\/strong>, 58, of Independence, and Jeffrey L. Gainer<\/strong>, 51, of Akron, were named in a 12-count indictment, according to authorities.<\/p>\n

The defendants used investor money for personal expenditures and luxury items including a Mercedes Benz, a boat and mortgage payments on high-end residential property, officials said.<\/p>\n

\u201cThis case is another sad reminder that so-called investment gurus who make promises of big guaranteed returns should send up red flags,\u201d Steven M. Dettelbach, U.S. Attorney for the Northern District of Ohio<\/strong>, said. \u201cIf something seems too good to be true, it usually is.\u201d<\/p>\n

\u201cThese defendants callously preyed on the desires of many to make wise investments for a secure future and duped them out of their life savings,\u201d Stephen D. Anthony, Special Agent in Charge of the FBI\u2019s Cleveland Office<\/strong>\u00a0\u201cFraudsters such as these remain a top priority of the FBI.\u201d<\/p>\n

Kenneth A. Grant, Jerry A. Cicolani<\/strong> and Kelly C. Hood<\/strong> previously pleaded guilty to crimes related to this fraud.<\/p>\n

These are the allegations, according to authorities:<\/strong><\/p>\n