Arizona man, woman face sentencing for role in $20M investment fraud case

Posted at 10:22 AM, Mar 01, 2022
and last updated 2022-03-01 12:22:22-05

An Arizona man will be sentenced in June after a federal jury in Virginia convicted him and a California man on charges of conspiracy to commit mail and wire fraud and money laundering in connection with a nationwide investment scheme involving fraudulent dental franchise and wireless spectrum license applications, according to a statement from the Internal Revenue Service criminal investigation unit.

U.S. District Judge Raymond A. Jackson presided over the trial that concluded on Feb. 23.

Court records and evidence presented at trial show that, between approximately 2011 and 2017, David Alcorn, 78, of Scottsdale, the founder and owner of Phoenix-based Janus Spectrum LLC, and Aghee William Smith II, 70, of Roseville, California, were part of an alleged conspiracy that operated out of California, Arizona, Florida, Idaho, and other U.S. locations.

Alcorn, Smith, and their co-conspirators — including Scottsdale residents Kent Maerki, 78, and his wife Norma Jean Coffin, 60; Daryl Bank, 51, and Raenn Gibson, 49, of Florida; insurance salesman Tony Sellers, 62, of Idaho; insurance salesman Tom Barnett, 69, of California; attorney Billy Seabolt, 56, of Williamsburg, Virginia; and Roger Hudspeth, 51, of Suffolk, Virginia – deceived hundreds of unsuspecting investors, most of whom were at or near retirement age, by convincing them to invest in or send money to companies owned and controlled by Alcorn, Bank, and Maerki.

Read more of this story from the Phoenix Business Journal.