Four plead guilty in cyberscam
Tuesday, November 9th 2004, 9:34 am
By: News On 6
OKLAHOMA CITY (AP) _ An Oklahoma man admits he created an Internet pyramid scheme that bilked thousands of people out of nearly $9-million.
Donald -A- English was one of four people who pleaded guilty Monday in federal court in Oklahoma City to participating in the illegal scam.
English says he began E-Biz Ventures in a tiny Midwest City rental home by falsely advertising it as a Christian-based, humanitarian organization.
Authorities with the Securities and Exchange Commission say $50-million ended up flowing through the scheme and that about 26,000 investors were defrauded.
Authorities say E-Biz was a Ponzi scheme in which initial investors are paid returns using the money of later investors.
English faces up to five years in prison.
Also pleading guilty Monday were George Anderton of Utah, and Aaron Carr and Joan Eveleno, both of Florida.