Kansas City man indicted in $3.3M investment fraud scheme

1 year 3 weeks 4 days ago June 30, 2016 Jun 30, 2016 Thursday, June 30 2016 Thursday, June 30, 2016 4:29:41 AM CDT in News
By: The Associated Press

KANSAS CITY (AP) — A Kansas City man has been indicted in a nearly $3.3 million investment fraud scheme.

The U.S. attorney's office announced Wednesday that 65-year-old John Clifford Williams was charged in a 14-count federal indictment. It wasn't immediately known if he had an attorney.

Prosecutors said Williams formed about 20 companies and raised more than $8.6 million from an investor. But the indictment alleges that he fraudulently spent or diverted about 38 percent of it from 2005 to 2014. Prosecutors say some of the money went toward paying for household expenses, travel and his daughter's wedding.

The businesses Williams formed included one established to offer investors revenues derived from certain mineral rights concessions for gold and manganese mines in Central America. Another business was founded to develop and commercialize an energy-efficient technology.

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