2002
On March 6, 2002, Andrew Ramsey, age 36, pled guilty to interstate transportation of money obtained by fraud, in United States District Court, Dallas. Mr. Ramsey was indicted, along with other alleged co-conspirators, in connection with the sale of high yield investments relating to Progressive Financial Services & Group, Inc. and Futurenomics International, Ltd. Mr. Ramsey admitted that guarantees made in connection with the investment were fictitious and that he did not generate profits from any high yield investment program. Ramsey admitted that funds obtained from investors were diverted and misapplied. The fraud raised millions of dollars from investors nationwide and from Puerto Rico. Hollis Larenzo Maxfield, age 44, has already pled guilty in connection with the scheme. The matter was prosecuted by the Texas Securities Board and Office of the United States Attorney as part of the Securities Fraud Task Force and investigated in conjunction with the Memphis Office of the FBI.