A man previously convicted on 17 counts of mail and wire fraud as part of a Ponzi scheme was charged Thursday with wire fraud, securities fraud and identity theft in the service of a new Ponzi scheme.
Defendant Wilson Baston pleaded guilty to the first scheme in 2008, and, the Justice Department and Securities and Exchange Commission allege, got right back to work on a new scheme upon his release from prison in 2017.
Baston is accused of providing investors with promissory notes promising repayment plus a fee of up to 25% of the investment’s value. In some cases, a percentage of the profits from the supposed future real estate transaction was also promised. Investors meanwhile were promised short-term real estate deals with a high rate of return on investment. Baston’s supposed strategy in the scheme saw investors get back the initial payment plus interest in order to gain trust and induce them to invest more money.
“As we allege in our complaint, Baston deceived investors by using an alias to conceal his criminal history and by initially making payments to create the false appearance of a successful investment strategy,” Tejal Shah, associate regional director in the SEC’s New York office, said in a statement.
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