Dallas Man Sentenced to 30 Years in Federal Prison and Ordered to Pay Nearly
$4 Million in Restitution on Multiple Fraud Convictions
Fraudster was Found Guilty of Running an Investment Fraud Scheme While Awaiting Sentencing on a Prior Securities Fraud Conviction
| U.S. Attorney’s Office August 02, 2013 |
DALLAS—Joshua Wayne Bevill, 33, of Dallas, was sentenced yesterday afternoon by U.S. District Judge Jane J. Boyle to a total of 30 years in federal prison and was ordered to pay nearly $4 million in restitution for his conviction in January 2011 on one count of securities fraud and for his conviction in April 2013 for crimes he committed while awaiting sentencing on that conviction, announced U.S. Attorney Sarah R. Saldaña of the Northern District of Texas.
For the 2011 conviction, Judge Boyle sentenced Bevill to the statutory maximum sentence of five years’ imprisonment. In documents filed when he pleaded guilty, Bevill admitted that between 2005 and 2008, he and various associates raised several million dollars from investors by selling interests in supposed oil and gas development projects. Bevill, however, was simply stealing investors’ money rather than using it to earn profits in the oil and gas business. He pleaded guilty to one count of securities fraud and admitted that he defrauded numerous investors of more than $750,000.
While awaiting sentencing on that case, Bevill perpetrated a similar scheme from August 2010 until February 2011 under the name of Progressive Investment Partners. Bevill contacted potential investors and sold them investments in a supposed oil and gas business. As part of his scheme, Bevill used fictitious references that were set up to provide “glowing” reviews and exemplify the merits of investing with Progressive Investment Partners. Bevill, however, simply stole investors’ money and spent it to pay for his lavish lifestyle. The court ordered his arrest and detention in late February 2011, and he has been in custody since that time.
On April 8, 2013, following a bench trial on those crimes, Bevill was adjudged guilty on one count of mail fraud, two counts of securities fraud, and one count of wire fraud and of committing each offense while on release. For these convictions, Judge Boyle sentenced Bevill to 20 years’ imprisonment on each count, plus five additional years under 18 U.S.C. § 3147 for committing the offenses while on bond. Each of the sentences from the 2013 conviction was ordered to run concurrent to each other, and the five-year term from the 2011 conviction was to run consecutive, for a total term of imprisonment of 30 years. In addition, the more than $100,000 remaining in Bevill’s business bank account seized by the FBI was ordered forfeited to the United States.
These cases were prosecuted in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. Attorney’s offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.stopfraud.gov.
The FBI investigated the cases. Assistant U.S. Attorneys J. Nicholas Bunch and Joseph Revesz prosecuted.
For the 2011 conviction, Judge Boyle sentenced Bevill to the statutory maximum sentence of five years’ imprisonment. In documents filed when he pleaded guilty, Bevill admitted that between 2005 and 2008, he and various associates raised several million dollars from investors by selling interests in supposed oil and gas development projects. Bevill, however, was simply stealing investors’ money rather than using it to earn profits in the oil and gas business. He pleaded guilty to one count of securities fraud and admitted that he defrauded numerous investors of more than $750,000.
While awaiting sentencing on that case, Bevill perpetrated a similar scheme from August 2010 until February 2011 under the name of Progressive Investment Partners. Bevill contacted potential investors and sold them investments in a supposed oil and gas business. As part of his scheme, Bevill used fictitious references that were set up to provide “glowing” reviews and exemplify the merits of investing with Progressive Investment Partners. Bevill, however, simply stole investors’ money and spent it to pay for his lavish lifestyle. The court ordered his arrest and detention in late February 2011, and he has been in custody since that time.
On April 8, 2013, following a bench trial on those crimes, Bevill was adjudged guilty on one count of mail fraud, two counts of securities fraud, and one count of wire fraud and of committing each offense while on release. For these convictions, Judge Boyle sentenced Bevill to 20 years’ imprisonment on each count, plus five additional years under 18 U.S.C. § 3147 for committing the offenses while on bond. Each of the sentences from the 2013 conviction was ordered to run concurrent to each other, and the five-year term from the 2011 conviction was to run consecutive, for a total term of imprisonment of 30 years. In addition, the more than $100,000 remaining in Bevill’s business bank account seized by the FBI was ordered forfeited to the United States.
These cases were prosecuted in connection with the President’s Financial Fraud Enforcement Task Force. The task force was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. Attorney’s offices and state and local partners, it’s the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed nearly 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,900 mortgage fraud defendants. For more information on the task force, please visit www.stopfraud.gov.
The FBI investigated the cases. Assistant U.S. Attorneys J. Nicholas Bunch and Joseph Revesz prosecuted.
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