Kevin Dewayne Spencer and Lisa L. Dale

Apr 26

On April 26, 2002, after a two week jury trial before The Honorable United States District Judge Sam A. Lindsay, Kevin Dewayne Spencer and Lisa L. Dale were convicted by a Dallas jury on more than 80 counts each including securities fraud, wire fraud, money laundering. Two co-defendant's, Andrew Ramsey and Hollis Larenzo Maxfield were already convicted in connection with the scheme. 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. Sentencing is scheduled for July 15, 2002.