(FOX40.COM) — William Matthew Ames was sentenced to eight years in prison after being found guilty of three counts of fraud in the offering of a security and three counts of grand theft by pretense.
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According to the El Dorado County District Attorney’s Office, sentencing enhancements on some of those charges added a year to the sentence and required that it be served in a state prison due to the crimes involving more than one felony, in which fraud was a material element and the theft exceeded $100,000.
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The DA’s office said that during the trial, evidence showed that Ames operated a sophisticated financial scheme through which he solicited dozens of El Doardo County residents to invest by making untrue statements of material fact to induce participation.
In court, officials said Ames supported his solicitations by drafting contracts and representing that the invested funds would be used to market new products, conduct research and development, which would allow the cost to be covered with equipment, materials, and tooling. Instead, Ames spent the money on himself.
“This case was prosecuted by the Special Prosecutions Unit of the El Dorado County District Attorney’s Office, which is tasked with handling complex financial crimes, including securities, welfare, real estate, and insurance fraud,” the DA’s office said.
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