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Recidivist Con Artist Gets Prison for Affinity Fraud Ponzi Scheme

Recidivist Con Artist Gets 12 Years in Prison for Affinity Fraud Ponzi Scheme

Anthony Ray, operator of Key Funding Group, is heading back to prison – this time for 12 years. A recidivist, Ray already had been convicted of six prior felonies before he pled guilty last week to defrauding more than a dozen Georgia church members out of nearly $660,000. Ray’s past earned him an additional eight years of probation after his time in prison. According to the DeKalb County District Attorney’s office, Ray solicited investments in Key Funding Group from Pine Grove Baptist Church members from approximately August 2006 to July 2008. Ray met several of the victims through the church’s pastor; other victims were brought into the scheme based on investors’ recommendations. Ray told investors their funds would be used to buy distressed real estate that would then be renovated and sold for a profit. The victims so believed Ray’s claims that several of them refinanced their homes and/or took out additional loans to invest more money in the scheme. “This was an elaborate Ponzi scheme that caused over a dozen victims to lose a substantial amount of money. He [Ray] had a total disregard for others to the degree he even stole from his own father,” said District Attorney Robert James. “I hope this case serves as a warning for residents to do a thorough background check on any investments that may sound too good to be true. They often are just that.” Investors who want to find out how to conduct a background check to avoid investment fraud should read our investor article, “Smart Tips for Hiring a Financial Advisor.”

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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