Feb 22
2001

On February 22, 2001, Hollis Larenzo Maxfield pled guilty to Wirefraud, count 75 of an indictment, in the United States District Court for the Northern District Of Texas--Dallas Division, in cause number 3-00: CR-389-L(4). In connection with his guilty plea, Mr. Maxfield admitted that he, along with co-conspirators, through companies called Progessive Financial Services & Group, Inc., and Futurenomics International, Ltd., fraudulently obtained funds from investors throughout the United States and Puerto Rico. Mr. Maxfield admitted that the funds were invested into non-existent "high yield " programs and were diverted and misapplied. Additionally, Mr. Maxfield admitted that returns paid to investors as profits were, in fact, other investor funds. The stipulated loss was between $2.5 million and $5 million. The matter was prosecuted and investigated by the Securities Fraud Task Force for the Northern District Of Texas, which includes the cooperative efforts of the FBI, Office Of The United States Attorney and the Texas State Securities Board, as well as investigated by the Memphis Office of the FBI.