A Maryland man has been convicted of operating a $28 million Ponzi scheme that promised victims personal wealth and financial freedom, authorities announce.
Arley Ray Johnson, 63, convinced victims to invest in the company “1st Million”, by holding promotional events at upscale hotels and event spaces, attending church-sponsored events, intending to target investments from churchgoers, and representing themselves as religious men more interested in the financial freedom of others than personal financial gain, according to the Department of Justice.
Johnson and co-defendants Dennis Mbongeni Jali, and John Erasmus Frimpong, posed as “pastors” and told prospective investors that 1st Million’s work was in furtherance of God’s mission as it helped churches and their members achieve personal wealth and financial freedom.
1st Million offered a 12-month guaranteed investment called “Corporate Guarantees,” that claimed victim’s investments would be invested in foreign currency or cryptocurrency with a monthly return ranging from 6% to 35% of the initial investment.
At the end of the investment period, investors were promised that they would receive all of the principle invested, yet 1st Million did not invest victims’ funds as promised and, instead, misappropriated the funds for themselves and used the funds to keep the scheme afloat, including using funds from new investors to repay existing investors.
Johnson also told investors that 1st…
