OXYwater Developers Preston Harrison and Thomas Jackson Indicted on Fraud Charges
Preston J. Harrison and Thomas E. Jackson were indicted by a federal grand jury on charges that they defrauded their company’s investors and diverted investors’ funds for their own personal use.
Harrison and Jackson operated Westerville, Ohio-based Imperial Health Research and Development, LLC and developed a product called OXYwater, a beverage that promoters claimed was an all-natural, vitamin-enhanced sports drink that contained added oxygen for improved physical performance, according to the indictment.
Harrison and Jackson engaged in a scheme to deceive the investors in their company about the structure, composition, finances, sales and profits of OXYwater in order to make the company appear to be a lucrative and profitable financial investment, according to the indictment. Harrison and Jackson allegedly created false and fraudulent statements and sent them to investors with the intent to deceive them in order to eventually obtain money invested in the company and use it for their own personal and household expenditures, including the purchase of a Cadillac Escalade, a BMW, jewelry, a swimming pool, and weapons.
Between August 2010 and spring 2013, Harrison and Jackson misappropriated more than $2 million of investors’ funds, according to the indictment. Investors lost approximately $9 million as a result of the alleged misconduct.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.