$7 Million Fraud Duo Derrick Hodge and Isaac Briggs III Charged with Defrauding Investors
In a joint effort by the United States Attorney's office and the Federal Bureau of Investigation (FBI), Derrick Hodge and Isaac Briggs III have been charged with orchestrating an investment fraud scheme that defrauded investors of approximately $7 million. The two individuals are accused of inducing victims with false promises and misappropriating over $1.5 million for personal use. The charges, which include wire fraud, money laundering, and aggravated identity theft, carry a maximum sentence of 20 years in prison.
The Allegations:
The alleged investment fraud scheme operated from at least October 2020 through November 2023 under the guise of the Heritage Integrity Investment Trust (HIIT). Hodge and Briggs III purportedly promised investors significant returns, claiming that victim funds would be invested in HIIT's private placement trading program with a guaranteed fivefold return on the initial investment.
However, investigations revealed that the duo did not invest the funds as promised. Instead, they allegedly transferred the victims' investments to personal accounts through intermediary channels. These funds were then allegedly utilized for personal expenses, including food, travel, entertainment, and luxury goods.
Legal Ramifications:
Derrick Hodge and Isaac Briggs III each face charges of conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering. If convicted, they could be sentenced to a maximum of 20 years in prison for each charge. Additionally, Briggs III faces an extra charge of aggravated identity theft, carrying a statutory mandatory penalty of two years in prison, to run consecutively to any other prison term.
Law enforcement authorities emphasize that investment fraud schemes not only jeopardize victims' life savings but also erode public trust in financial institutions. The FBI, alongside the U.S. Attorney's office, remains committed to ensuring that individuals attempting to swindle investors are held accountable for their actions.
Response from Authorities:
U.S. Attorney Damian Williams emphasized the commitment of his office to prosecute those who misappropriate investor funds for personal gain. FBI Assistant Director in Charge James Smith echoed this sentiment, underlining the significant impact investment fraud can have on individuals' financial well-being and the broader public's confidence in financial systems.
The charges against Hodge and Briggs III shed light on the alleged exploitation of investors through false promises and the misuse of funds for personal gain. As the legal proceedings unfold, the case serves as a reminder of the authorities' dedication to safeguarding investors and maintaining the integrity of financial markets.
FOLLOW LIKE SHARE COMMENT
FOLLOW US ON ALL SOCIAL MEDIA PLATFORMS AND DON'T FORGET TO VISIT OUR WEBSITE TO HELP SUPPORT OUR CONTENT.
