2006
Charles Dwain Davis, Jr., of Dallas, Texas, was sentenced on December 12, 2006, in the United States District Court, Northern District of Texas, Dallas Division, following his guilty plea in July 2006 to one count of securities fraud. Davis admitted that while working as a registered securities salesman, he opened bank accounts with names similar to his employing brokerage firms, misappropriated clients' investments for his personal benefit by depositing their monies into these accounts, manufactured and provided customers with fictitious account statements, and made payments from these accounts to his clients as part of a ponzi scheme. Davis was sentenced to serve a total of 33 months in federal prison, followed by supervised release of two years, and to pay restitution of $2,345,348.58 to 11 victims.