This week, it was announced that a 41-year-old man from Reynoldsburg, Ohio had pleaded guilty to charges relating to a $1.4 million investment fraud scheme, which victimized 44 individuals. Edward I. Campbell pleaded guilty to a single count of money laundering and a count of wire fraud. Court documents show that between July 2011 and June 2013, Campbell operated an investment business called Rosewood Consulting LLC based out of Baltimore, Ohio.
Campbell promised clients that their money would be used for two types of investment programs, the exchange of Bougainville Kina and historical bonds issued by China. Campbell explained that he had access to a trading platform allowing him to monetize gold-backed bonds issued by China in 1913 for a significant return.
Campbell offered to sell the historical bonds to investors for $10,000 to $15,000. He promised a return of anywhere from $50,000 to $10 million per bond within 10 to 60 days. Campbell also offered to exchange Bougainville Kina into United States dollars if investors hired him for a $100,000 fee. Investors were told that they would receive a return of $1.5 million or more within 10 to 120 days.
The defendant told investors that their investments would be refundable should the returns not be delivered within the promised timeframes. The defendant made bold claims suggesting he had success with these investment programs, was a former Navy SEAL, had once worked in an investment house, had closed deals internationally, and had nearly 600 investors.
In reality, the investigation confirmed that none of the investors received the returns that were promised. Only a handful of investors received a refund for Campbell’s services. Instead, Campbell usually used the funds shortly after receiving them. He used the money for various personal expenses, including buying two automobiles, expensive motel stays, and restaurants bills.
Campbell has agreed to pay $1,408,854 in restitution. During sentencing, he will face up to 20 years in prison for money laundering and up to 10 years in prison for wire fraud.