(KMOV)--A St. Peters man pleaded guilty to defrauding more than 50 clients who invested more than $2.4 million with him between 2007 and July 2010.
The United States Attorney’s Office announced that Randall Lynn Stuckey invested clients' money in the global currency markets and misrepresented the performance of his clients' investments so that he could collect additional fees and to keep his clients' from pulling their investments.
Stuckey, 62, pleaded guilty to one felony count of mail fraud and one count of fraud.
In July 31, 2010, the total amount invested had gone down from $2.4 million to approximately $900,000, due to losses sustained in the currency trading market and withdrawals made by investors. According to Stuckey’s false monthly statements, he lead his clients' to believe that their investments were worth approximately $4.8 million.
Stuckey faces charges of mail fraud which carries a maximum penalty of 20 years in prison and/or fines up to $250,000. The Commodities Exchange Act charge is punishable by up to 10 years in prison and/or a fine of up to $1,000,000.
In addition to the criminal charge, Stuckey was charged with a forfeiture allegation, which will require the forfeiture of 20 financial accounts held in the name of Stuckey and various business entities at ten different institutions.
Sentencing has been set for January 25, 2011.