Ray Aguillard of Baton Rouge was sentenced by U.S. District Court Chief Judge Ralph E. Tyson on May 12, 2011 to the maximum sentence of 20 years in federal prison for mail fraud in connection with an investment fraud scheme. Aguillard was also ordered to pay restitution of $3,703,696.85, and to serve 3 years of supervised release after imprisonment.
Based on a joint investigation conducted by the Office of Financial Institutions and the Federal Bureau of Investigation, Aguillard pled guilty on July 22, 2010 to one count of mail fraud in relation to his operation of a Ponzi scheme resulting in losses of approximately $3.8 million to over 40 victims. Aguillard operated a company called BRC Group in Baton Rouge and solicited approximately $5.6 million from investors based on false representations that such money would be used to operate various loan finance companies. Aguillard’s victims were told that their investments would earn 15% annual interest and that they would have 100% access to their interest at all times. Aguillard also falsely represented his personal financial status in order to provide a sense of security to the victims, convince them to leave their money with him, and to solicit additional money from the victims. Aguillard had no ownership interest in any such loan finance companies, and none of the money was ever invested or otherwise utilized to operate any business as represented by Aguillard to the victims.
Ray Aguillard Pleads Guilty to Investment Fraud
Ray Aguillard of Baton Rouge pled guilty in Federal Court in Baton Rouge on July 22, 2010 to one count of mail fraud in connection with an investment scheme that resulted in losses of $3.8 million to approximately 40 investors. Aguillard was investigated jointly by the Office of Financial Institutions and the Federal Bureau of Investigation, and was prosecuted by the United States Attorney’s Office in Baton Rouge. Through his guilty plea, Aguillard admitted to soliciting investors through his business, BRC Group, based on false representations that such money would be used to operate various loan finance companies and promises that their investments would earn 15% annual interest. Aguillard also provided a false financial statement to investors showing that he had a personal net worth in excess of $34 million in order to provide a sense of security to the victims, convince the victims to leave their money with him, and to solicit additional money from the victims. Aguillard has admitted that he had no such ownership in loan finance companies and that none of the money was ever invested or otherwise utilized to operate any business as represented to the victims. Aguillard faces a maximum sentence of 20 years in prison.