Home Business Elm Springs wind farm scammers convicted of wire fraud, money laundering

Elm Springs wind farm scammers convicted of wire fraud, money laundering

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FAYETTEVILLE — A federal jury Friday morning returned all guilty verdicts against two men charged with defrauding investors in a failed Elm Springs wind-farm project and the development of a wind turbine that was never built.

Jody Davis and Phillip Vincent Ridings were charged with nine counts of wire fraud, aiding and abetting wire fraud, money laundering, and aiding and abetting money laundering.

The men will be sentenced in about four months, after a pre-sentencing report is completed. The jury deliberated about three hours over two days before reaching a verdict.

Ridings and Davis, Dragonfly’s CEO, were found guilty of conspiring to commit wire fraud. Both were also found guilty of four counts of wire fraud and aiding and abetting wire fraud.

Both men were also found guilty, jointly, of two counts of money laundering, and both were found guilty individually of another count each.

U.S. District Judge Timothy L. Brooks allowed Davis and…

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