Securities: Man Indicted in Securities and Wire Fraud Scheme

Jack A. Calvin, of Ozark, Missouri, has been indicted by a federal grand jury for his role in a scheme to defraud 115 investors of more than $2.8 million in a securities fraud and wire fraud scheme. Count one of the federal indictment says that Calvin participated in a conspiracy to commit securities fraud from January 1999 to March 2002. Calvin played the role of the primary promoter of Growth Benefit Systems, which the indictment describes as being a "sham letter of credit trading program."

Ozark Man Indicted in Securities and Wire Fraud Scheme

The indictment says that Calvin went though GBS and other individuals to represent to investors that their funds would be pooled and used in a trading program that would return 20% a month. Calvin and others spent the $2.8 million he had raised from 115 investors for personal benefit or to pay "commissions" to themselves or to others who had helped commit the fraud.