2003
On February 18, 2003, in U.S. District Court, Dallas, Andrew Ramsey, Lisa I. Dale, Kevin DeWayne Spencer and Hollis Larenzo Maxfield , were sentenced to 97 months, 78 months, 78 months and 57 months in prison, respectively, with restitution to be determined at a future date, by the Honorable Judge Sam A. Linsay. Through corporations known as Progressive Financial Services & Group and Futurenomics International, Inc. the defendants raised about $10,000,000 from investors throughout the United States and Puerto Rico promising high returns by investing in "high yield "programs. Funds were not invested but were used for personal expenses such as cars and houses. Both Ms. Dale and Mr. Spencer were convicted after trial of multiple counts of wire fraud, securities fraud and money laundering. Mr. Ramsey was convicted of Interstate Transportation of Money Taken by Fraud and Mr. Maxfield was convicted of Wire Fraud, based upon their guilty pleas. The cause numbers were 3:00-CR-389-L(01- 04). The matter was prosecuted by Rhonda Rogers of the Texas Securities Board and Len Senerote of the Office of the United States Attorney, Northern District Of Texas, and was investigated in conjunction with the Memphis Office of the FBI.