Piney Flats man sentenced to 9 years for role in fraud investor scheme

(WJHL) – A federal judge has sentenced a Piney Flats man to nine years in prison for his role in a fraudulent investor scheme.

Brian Rose, 37, was one of 10 defendants sentenced for a scheme prosecutors said cheated 168 people out of over $14 million.

Rose led a company called new century coal which advertised that it had developed Blue Gem Coal — a special type of coal used for manufacturing computer electronics.

Prosecutors said no such coal ever existed and Rose and other defendants pocketed millions from people who thought they had invested in it.

The U.S. Attorney’s Office said they do expect to be able to return some money back to investors after seizing homes, cars, cash and other personal property from the defendants in the case.

Copyright 2016 WJHL. All rights reserved.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s