Boston Man Accused for Involvement in Online Scam
Michael Luckett, a resident of Boston, was accused on September 14, 2007 for involvement in an alleged Internet scam.
In June 2007, Luckett shifted to Boston where he set up an online soliciting investments business. His Website, named TransNational Fund, offered lucrative returns on investing CD. He also received certified checks from 12 people who hoped to get big money.
Police said Luckett created a Website that promoted high yielding certificate of deposits from which he collected hundreds of thousands of dollars and spent that on his own expenditures, including clearing rent payments.
On his site, Luckett advertised an interest rate of 6.35% for an investment on a 9-month certificate of deposit. This rate was much higher than what the credit unions and banks offered. But according to Detective Steven Blair of the Boston Police Special Investigation Team, Luckett did not purchase any certificate. Boston published this in news on September 15, 2007.
People were sending Luckett huge amounts of money amounting tens of thousands of dollars, and he was spending it all on paying up rent. People so easily believe postings that appear on their computer screens, said Steven.
One victim was so convinced of Luckett's scheme that she sent around $63,985 for one such investment. The amount represented her whole life's savings and retirement monies, said assistant District Attorney Angela McConney. Thebostonchannel published this in news on September 14, 2007.
Luckett is charged of depositing his investors' money in many of the Boston banks and also in one Dorchester bank. But according to his attorney, these actions are not illegal.
Defense attorney Jeffrey Denner said there was no crime in this. He reasoned Luckett had been dealing in securities free from registration as they're nine months or less. Thebostonchannel published this on September 14, 2007.
Authorities arrested Luckett on September 13, 2007 at Boston's Eastern Bank where he was caught withdrawing around $44,995. Investigators said Luckett transferred $400,000 to $500,000 across 10 local banks and spent some for private use.
After pleaded not guilty to fraud charges, he was held on bail for $400,000. Police are still trying to find the precise number of people who invested in Luckett's TransNational Fund. A task force, which includes postal inspectors, is also investigating the matter.
» SPAMfighter News - 9/28/2007
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