Real estate exec gets 11 years in prison for fraud

New York /
Aug.August 07, 2008 03:13 PM

The president of a real estate investment firm was sentenced today in a U.S. District Court in Manhattan to 135 months in prison, over 11 years, after being convicted of defrauding 235 investors out of $22 million.

The firm’s president, Wilson James Baston, Jr., 46, pled guilty to 17 counts of mail fraud and wire fraud charges in connection with the scheme, according to a press release from the U.S. Attorney General’s office.

Baston convinced victims that his firm, Will James Equity Partners, would “provide short-term, high rates of return on investments in distressed properties, with additional guarantees on the principal investment,” according to the release.

After collecting investments from equity partners, Baston would evade and lie to clients about their investments, advising members of the firm’s staff to evade the clients as well, prosecutors said.

Baston must forfeit his $22 million dollars of profits. After prison, he will serve three years of supervised release. TRD


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(Getty)
How Albany is dealing with its 1K vacant buildings
How Albany is dealing with its 1K vacant buildings
Moody’s Analytics' Thomas LaSalvia
Average American tenant is rent-burdened
Average American tenant is rent-burdened
(Getty Images)
Steph Curry shoots his NIMBY shot
Steph Curry shoots his NIMBY shot
From left: Lee & Associates' Max Lapke and Brent Roberts
Lee & Associates announces Midwest expansion
Lee & Associates announces Midwest expansion
Seth Weissman, John Catsimatidis, Mayor Eric Adams
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...