Chase Norwood, who also went by Thomas Gray, has been convicted after concocting a fake internet start-up company and soliciting investors for funding. He could face up to 60 months in federal prison, according to the Beverly Hills Courier.
Norwood was charged with 15 counts of federal mail fraud, tax evasion and wire fraud after tricking investors into believing that his company, Cal Broadband, was a renowned high-speed internet provider that was worth investing into, according to the news source.
Norwood spent the investment funds on condo payments for his mother, keeping part-time residencies in upscale hotels and concocting more schemes to trick investors.
Norwood originally pleaded not guilty to the charges when he was indicted in 2008. It was also revealed that he evaded federal income taxes for 2000 and 2001."
Via California man charged with tax evasion after creating internet start-up scam - Tax News - TaxLawHome.com
