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.