Joe McCool- California- 2006 Sept 6, 2014 10:44:38 GMT -5
Post by Scumhunter on Sept 6, 2014 10:44:38 GMT -5
(Above photo credit: fbi.gov)
Link to American Greed: The Fugitives episode (McCool is second part of episode after James Hammes):
Fugitive Profile as of Septmber 6th, 2014 (Based on FBI.gov profile):
Date(s) of Birth Used: October 3, 1947
Place of Birth: Myrtle Point, Oregon
Weight: 230 pounds
Scars and Marks: McCool has a scar on his right knee and right wrist.
Who to call if you've seen him: Local FBI field office, embassy, consulate, or submit a web tip at tips.fbi.gov
FBI crime description:
Joseph Wayne McCool is being sought for his alleged involvement in a ponzi scheme that was based out of Mesa, Arizona. Sometime before February, 2004, McCool allegedly conspired with two other individuals, who have since been arrested, to operate The Brixon Group, Ltd., which fraudulently solicited millions of dollars from the public. McCool solicited and induced members of the public to invest approximately $10 million in Brixon by making fraudulent and misleading representations concerning how the money would be used, the rates of return, the security of the investments, and their own qualifications to conduct such investments.
Reportedly, McCool promised investors that their money would be invested in European investment programs and used as reserves for high-yield insurance company portfolio investments. Investors were told that Brixon would generate returns of 10 percent per month. Investors were also falsely promised that they could not lose their principal investment because the principal was insured by the State Bar of California. Furthermore, McCool was represented to investors as a banking expert who successfully managed a large private trust in Europe before operating Brixon.
Additionally, McCool reportedly failed to disclose to investors that he did not invest money for the benefit of the investors; instead, he allegedly converted a substantial portion of the invested money for personal use and used new funds received by Brixon to make payments to earlier investors. Additionally, investors' money was never insured against loss. When Brixon failed to make promised payments to investors, McCool responded by telling investors that the money was tied up in Europe due to the United States Patriot Act and various international banking problems.
On May 11, 2006, a federal arrest warrant was issued by the United States District Court for the Southern District of California after McCool was charged with conspiracy to commit wire fraud and wire fraud. Additionally, McCool may be in the Philippines.
Thoughts? McCool was profiled on the CNBC show American Greed: The Fugitives and referred to as Joe McCool. A couple of other notes from the show. One is that this Ponzi scheme was said to be the complete opposite of Bernie Madoff's in that it took advantage of victims who were less well-off financially (Madoff still destroyed lives too and his victims didn't deserve to be conned either). One of the couple's interviewed were retirees who wanted extra help for their disabled son, another wanted to help pay their son's college bills, and another were a couple already having financial troubles that put a mortgage on their home up. Part of the reason McCool was able to get these people to invest was that the brother of one of his co-conspirators, Donald Manning, lived in the retirement community and was friends with some of the victims.
It was later revealed McCool was already a convicted felon who cooked up the plot with Donald Manning and a lawyer named Cameron Campbell when they would visit him in prison. Campbell plead guilty and was sentenced to 5 years and 3 months in prison while Manning fled and was eventually captured in Nicaragua. (He plead guilty, I don't know the sentence but it was up to 10 years with a requirement to pay fines and restitution).
As for McCool, it is believed he may be in the Philippines since he was corresponding with a woman there. But as is the problem with financial fraud fugitives, with the money they gained to con people, they can finance themselves to flee anywhere in the world.
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