AmeriFirst owner convicted of fraud that victimized retirees

A Farmers Branch man was convicted Wednesday of deceiving hundreds of investors in a $50 million securities sale scheme through his companies, AmeriFirst. Dennis Woods Bowden, 58, was found guilty of four counts of securities fraud and five counts of mail fraud for his role, according to the U.S. Attorney's Office. He faces up to 20 years in prison on each count when he is sentenced in April. Bowden was owner of the Dallas-based AmeriFirst Funding Corp. and AmeriFirst Acceptance Corp.  According to evidence presented at trial, he helped orchestrate offerings that raised more than $50 million from 500 investors in Texas and Florida, many of them retirees. Bowden spent some of the investors' money on an airplane, sports cars, a condo, and real estate for used car lots. He also owned a company that bought and sold used cars. Five other men who took part in the scheme have either pleaded guilty or been convicted, and another man is under indictment, the news release says. - Staff report

Comments

[TX_Proud]

WHAT ??!?!??!!

A $$$-Millionaire "job creator" sucking up tax cuts paid for by more debt and cuts to Medicare bilking the very hands that feed 'em.

no Way

[jeff]

The defendant faces a statutory maximum sentence of 20 years... as per the statutes for which he was convicted. Theoretically, the counts could be 'stacked' giving him a very long sentence, but... the sentencing guidelines will prescribe that the counts run concurrent with one another and specify a sentence predicated upon the loss amount.