HONOLULU (HawaiiNewsNow) – A former Hawaii man and his alleged accomplices have been arrested in California in connection with an advanced payment investment fraud scheme.
Federal prosecutors said 40-year-old Richard Patterson used the name ‘Xavier Carter’ as an alias. He allegedly scammed people into thinking they were investing their money. Instead, Patterson — alongside former Hawaii residents and suspects Dashawn Hill, 46, and Judy Ramos, 52 — used the money to pay for personal items like credit card bills, rent and other entertainment expenses.
Patterson told victim-investors that he and his team were wealthy financial professionals who owned and operated a financial institution registered in Switzerland, prosecutors said. At times, he also used a fake accent when speaking.
In all, the alleged suspects got away with $2.5 million in upfront payments from their victims, who thought their money would be invested.
“Those who take money from investors by promising great returns in a short amount of time, with little or no attempt to generate such returns, should face serious consequences for their actions,” said U.S. Attorney Connors. “The alleged fraudsters preyed on our communities, targeting trusting families and local business owners for their own selfish gain.
Patterson was arrested last week in California. Hill and Ramos haven’t yet been taken into custody.
If convicted, they each face up to 20 years behind bars, and a fine of up to $250,000 for each…
