Kelowna man to spend time in U.S. jail for fraud - InfoNews

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Kelowna man to spend time in U.S. jail for fraud

Image of indictment filed against former Kelowna resident Randi Bochinski.
Image Credit: Contributed
October 24, 2013 - 10:18 AM

MASSACHUSETTS - A former Kelowna resident is about to serve time in a U.S. prison for his role in a ponzi scheme that bilked millions of dollars from investors.

According to the B.C. newsletter, Randi Bochinski, 49, formerly of Kelowna and Alan Gilner, 78, of Florida ran their investment scams from 2005-08, soliciting funds for fake ventures and promising large returns on these investments over a short period of time. Bochinski was sentenced to six years in an American prison for his part in the ponzi scheme.

Bochinski managed to cut a plea deal in May 2013 with the U.S. Attorney's Office, pleading guilty to wire fraud, money laundering and mail fraud. Gilner was convicted on multiple counts of mail fraud, conspiracy, wire fraud and money laundering earlier this year.

Both promoted their investments in a newsletter distributed around the U.S. fooling a dozen investors who handed over millions of dollars.

The two took the money and redirected it, then gave false information about what happened to the money and when the principal would be returned.

A third person then raised funds to repay investors using conterfeit cheques, further creating the illusion of a legitmate business venture.

Bochinski was arrested in Canada earlier this year.

News from © iNFOnews, 2013

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