Silver Spring Man Pleads Guilty to $6.2 Million Fraud Scheme
Edward J. Lawson scammed more than 60 people from 2006-2008.
Edward Lawson, 67, of Silver Spring pled guilty to wire fraud as a part of a multi-million dollar investment scheme, according to a Dec. 8 joint announcement from the United States Attorney for the District of Maryland, the FBI and the IRS.
In his plea agreement, Lawson admitted to being the president of Automated Revenue Creation LLC and Guaranteed Results Advertising LLC, and was in the business of advertising through “narrow cast television commercials” on monitors placed on gas station pumps and in convenience stores.
Between May 2006 and September 2008, Lawson used hotels in the Washington, DC metro area and an office in Rockville to make presentations to a number of potential investors, ultimately receiving $6.2 million from over 60 attendees.
Lawson misrepresented his experience, the businesses revenue projections and his own financial contributions to the company, according to the release.
As a part of the plea agreement, Lawson agreed to restitution and forfeiture for the full amount of the investors’ losses. Lawson faces a maximum possible sentence of 20 years in prison with five years of supervised release. He also is subject to a fine of either $1 million or two times the gain or loss associated with his offense (whichever is greater). Lawson is scheduled to be sentenced on April 6, 2012.
Lawson’s case was brought as part of President Barack Obama’s Financial Fraud Enforcement Task Force.