Timothy Lloyd Booth of Plano was indicted for securities fraud and other charges in connection with raising $6.3 million from investors in StaMedia Inc. of Dallas, an internet advertising company, and spending some of the funds on luxury automobiles and other personal expenses.
Booth allegedly did not disclose to investors in StaMedia that he was using their funds to buy and lease automobiles, including Ferraris, Mercedes, a Land Rover and a Maserati. According to the indictment, investor funds were also used to pay personal expenses of Shawn Sandifer, the co-owner of StaMedia.
The indictment alleges that Booth used funds from new investors in StaMedia to pay previous investors the principal they invested or pay them a purported return on their investment. Booth also allegedly failed to disclose that funds invested in StaMedia were used to pay investors TenList Inc., a company owned by Booth and Sandifer.
Booth's wife, Cammie R. Booth, was indicted Sept. 22 on one count of securing execution of document by deception and six counts of making false statements to obtain property or credit.