(KMOV) -- A St. Peters man has been charged with mail fraud in a scheme, the United States Attorney says, caused his clients to lose millions of dollars.
Randall Lynn Stuckey, 62, invested clients' money in the global currency markets, operating a number of business entitites, mainly The Stuckey Group, L.P. and the Stuckey Group II, L.P. A one-count indictment alleges Stuckey misrepresented the performance of his clients' investments so he could collect additional fees and keep his clients from pulling their investments.
Stuckey's clients believed their investments had grown to $4.8 million, when they were actually worth less than a million dollars.
In addition to the criminal charge, the indictment contains a forfeiture allegation seeking to capture twenty financial accounts held in the name of Stuckey and various business entities at ten different institutions. The government seized and froze these accounts by means of seizure warrants last week. It is the government's intention to liquidate the remaining funds for the benefit of Stuckey's victims.
If convicted, mail fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000.