Texas Partners-in-Crime Defraud Investors in Forex Scheme, Sentenced to Prison
Chris Cornett and Heidi Beyer have been sentenced to 40 years and six years, respectively, in federal prison, by U.S. District Judge Sam Sparks in Austin, Texas. Cornett and Beyer were accused of stealing over $10.6 million from more than 100 investors nationwide.
Yet another forex scheme has hit the dust, its investors left pennyless and with dim prospects to ever see their money back. Its chief perpetrator was Chris Cornett, a former stockbroker and more recently a convicted felon. Cornett managed to convince dozens of investors that he was a brilliant forex trader. He told investors he never had a single month when he lost money trading foreign currencies (“forex”), when it turns out he never had a single month when he made money in forex trading.
It’s likely Cornett and Beyer were ordered to pay back the money they stole from investors. With one going to prison for 40 years and the other one for six, it is, unfortunately, unlikely that the Court’s order carries much weight.
In related proceedings, the Commodities and Futures Trading Commission (“CFTC”) sued and obtained a default judgment against Cornett, Beyer, and the investment vehicles they used to perpetrate the fraud.
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