Fort Worth Man Sentenced to More Than 12 Years in Federal Prison for Running an Investment Fraud Scheme That Targeted the Elderly

According to documents filed in the case, prior to July 2009 and continuing to March 2011, Dickey, representing himself as a certified financial planner (CFP), solicited investments from individuals by falsely promising to purchase FDIC insured certificates of deposit (CDs) at a 3.75 percent guaranteed annual percentage yield. However, Dickey was not a CFP and the investments did not exist. Instead, Dickey deposited proceeds he received into his checking count. During the time he ran the scheme, Dickey received more than $2 million from victims. According to documents filed in the case, and testimony at today’s sentencing hearing, Dickey targeted the elderly in his scheme.

To further his fraud, give the impression of a legitimate financial transaction, and to entice victims into “investing” more money, after depositing their money, Dickey provided victims with fraudulent documents purporting to be receipts for the purchase of the CDs. In addition, Dickey paid prior investors with money received from recent investors, giving the appearance of legitimate financial returns on their investment.