U.S. District Judge Susan C. Bucklew sentenced Christopher A. Maguire, 34, formerly of Orlando, to 10 years in federal prison for wire fraud and illegal monetary transactions on Tuesday.
As part of his sentence, the Court also entered a money judgment in the amount of $4,938,574.40, the proceeds of the charged criminal conduct. Maguire pleaded guilty on May 18, 2016.
According to court documents, from at least May 2012 through April 2014, Maguire operated a scheme where he, and promoters employed by him, solicited victim-investors to send him funds via electronic wire or check. Maguire and his promoters targeted individuals and groups of victim-investors for funding using companies operated by Maguire including M Development LLC, IQ Options LLC, and Vivid Funding LLC.
The victims’ funds were never actually invested into the opportunity presented to them by Maguire. Some of the funds were used by Maguire on personal expenditures, as well as payments to his promoters.
Maguire also made numerous payments back to certain victims, often enticing these victims to reinvest the proceeds of the transaction, sometimes triggering additional investment of funds by the victims or their associates.
Through this scheme, Maguire was responsible for losses of over $4.9 million to over 150 victim-investors. The majority of the victims were located in central Florida and in northern Ohio.
This case was investigated by Internal Revenue Service - Criminal Investigation, and the Florida Office of Financial Regulation. It was prosecuted by Assistant United States Attorney Sara C. Sweeney.