Columbia man charged with mail fraud and money laundering

1 year 1 month 3 weeks ago Thursday, August 25 2016 Aug 25, 2016 Thursday, August 25, 2016 4:37:00 PM CDT August 25, 2016 in News
By: Christina Salonikas, KOMU 8 Digital Producer

JEFFERSON CITY - A Columbia man was indicted by a federal grand jury Wednesday for an investment fraud scheme.

77-year-old Billings Chapman was charged in a six-count indictment, which include: three counts of mail fraud, two counts of wire fraud and one count of money laundering.

Prosecutors said Chapman was involved in an scheme from May 2011 to April 2014. He owned an interest in CheckmarcUSA, LLC, and Federal Financial Services, LLC.

Chapman was not registered to sell securities in Missouri and allegedly used investor money for his own personal gain, and to make payments to prior investors, prosecutors.

The indictment said Chapman did not tell investors he had been barred from engaging in the securities industry back in 1970 or that he had been issued cease and desist orders by the Missouri Commissioner of Securities in both 1991 and 2004 for "engaging in fraudulent or illegal practices in the securities business."

Chapman is also accused of lying to investors by saying he had a doctorate in economics and he taught economics at a university.

 

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