Sep 20 - 23 year old in Richmond Makes $8 million in 6 months

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 09-22-2006, 03:33 PM         #101
Mr. Kimani  OP
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I fu*ks wit him...

Javon whut board is you talkin bout?
 11 years ago '04        #102
grydlok 38 heat pts38
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This guy had 3 houses in Arresterfield.
 11 years ago '04        #103
KingOfBabySex 
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aaaaaaaaahaaaaaaaaaaaaaaaaaaa, people in richmond like ding ding..............
 11 years ago '06        #104
UrZTrulY-KINg 13 heat pts13
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Dude had every right to be flossing. if he wasn't pushing a hot whip, would you believe he can flip that cake? the people that checked up on him before going to the feds should have seen he was a felon and walked their a.sses away. $8 mill when you are only 23 aint no joke and it was only in 6 months!! The business seems legit though, because he had followed through with paying initial investors.
 09-22-2006, 06:20 PM         #105
cscottbme  OP
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 80sbabyent said:
"If it sounds too good to be true, it probably is," said Charles J. Cunningham, special agent in charge of the FBI Richmond field office.

Tell that to more than 350 investors who say that since April, they handed over about $8 million after James E. Brown Jr. promised to double their money every six weeks by trading in foreign currency.

Cunningham spoke at a news conference yesterday at which U.S. Attorney Chuck Rosenberg and other law-enforcement officials announced Brown's indictment on charges of mail fraud and possession of a firearm by a felon. He was convicted in 2002 on a check-forgery charge.

Brown, 23, of Chesterfield County was arrested Friday morning. He remained in custody yesterday pending a detention hearing in U.S. District Court tomorrow.

He faces a maximum of 30 years on those charges if convicted. The multiagency federal investigation continues. Additional charges appear likely against Brown and some of the 10 employees of his Brown Investment Services, authorities said.

Brown allegedly used investment seminars held in the Richmond area and duped people with his presentation. He offered a written guarantee that he would double their investments every 30 business days by trading on the Foreign Currency Exchange Market, known as FOREX.

It was "a classic Ponzi scheme," Rosenberg said, a type of fraud in which money from new investors is used to pay earlier investors. "A Ponzi scheme works on the principle of robbing Peter to pay Paul," Rosenberg said. That makes things appear legitimate for a time, but eventually the pyramid collapses.

How much of the $8 million did Brown allegedly invest in FOREX? How much money did his investors make?

"The answers are not very much and nothing at all," Rosenberg said. "Mr. Brown lost money every month that he traded -- every month."

How much the alleged victims lost has not been determined. Some put in as much as $50,000, authorities said. Officials hope to make restitution after seizing known bank accounts and Brown possessions believed purchased with investors' money. About $1.1 million was in two bank accounts controlled by Brown last week, authorities said.

Court papers say Brown Investment Services opened three accounts at Wachovia Bank in April. One was in Brown's name, another in the name of the company; Brown alone controlled both. A third was in the names of Brown and a woman.

From April until this month, the $8 million flowed into the company account. Some, according to the indictment, may have gone into foreign-currency trading but much more went elsewhere -- to support the "increasingly lavish lifestyle" of Brown and his employees.

According to court papers, starting May 1 and as recently as Sept. 7, Brown bought $2.9 million worth of automobiles. Authorities described it as a luxury fleet of more than two dozen cars for Brown and employees of his company. One was a Mercedes-Benz SLR McLaren whose estimated value is about $450,000, authorities said.

Brown withdrew about $469,000 in cash and spent about $159,000 using a debit card, both in funds from investors, according to the indictment. He also bought more than $154,000 in jewelry and, from April until September, paid himself $640,000 in salary.

Salaries of the employees of Brown Investment Services averaged $115,000, the indictment says. One of them was a fashion consultant whose primary job was to choose Brown's clothes and set them out for him each morning.

Brown paid early investors a total of about $2.6 million in "lulling payments," according to the indictment.

In July and August, authorities said, people separately went to the FBI, the U.S. Postal Inspection Service and the criminal investigation unit of the Internal Revenue Service to inquire about the legitimacy of Brown's company. Investigators for the three agencies compared notes and went to work together.

One who complained became a confidential source for the investigation. The information gathered from the source, from bank records and from court-ordered wiretaps and surveillance led to Friday's arrest on a criminal complaint and yesterday's indictment.

Rosenberg said investigators worked fast on "a big complicated case" to stop the Ponzi scheme quickly and get as much money back for the victims as they could.
That not right
 11 years ago '05        #106
hustleinc.com 1 heat pts
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 Javon23 said:
People's Comments from a Virginia Message Board:

Were
any of yall Richmond cats involved with James Brown? If you from Richmond, you have heard the name from someone. A few of my boys had invested about 5K with him, and he flipped it, and they got their money back from him. But I was always the sceptical one. He gauranteed to flip your money in 30 business days by foreign currency trading, but it sounded too good to be true. My boys got in it, and then got out when he flipped the money.

But dude was stunting on a whole 'nother level though. This dude had a phantom, and the SLR McLauren. My boys told me he had a ton of car, and I didn't believe it until I saw it myself. Dude was going hard.


Wow...I know some cats that dropped like $75,000 with him...this whole situation actually got me investing in forex, tho...


People was taking out second mortgages on their homes and sh*t. But I hear he did not have any customer complaints though. People got their money when they were ready to cash out.

I was figuring it was no way in hell dude wasn't legit. He was flossing on a level that n*ggas just don't do in Richmond. CARRSS was like, he pays with checks! Someone suggested that I put together a proposal for a label and involve him. He just dropped 200k to buy a Richmond Club that Thursday. I joked that he prolly has all his proper paperwork, copied and laminated to give out in case the cops needed it.

But its like you said.. no one was complaining and dude was delivering, so when they say he was failing at foreign investments, and he had lost 10k???? The hell was 10k to that dude? I'm wondering what are the repercussions going to be for his (YBM) Young Black Millionairs crew?


People weren't necessarily guilible on this one. FOREX is legitimate. In his presentations, he even gave info on how to invest on your own and supplied research tools to educate you. I guess that just made him seem credible.

I was talking to a guy who told me he had made like $10,000 working with this guy. The guy seemed to be truthfull but I was still suspicious of the whole thing though. Dude was like just give him $500 he will flip it to $1000 in a month. I didnt hear anything that sounded like a pyramid scheme during the conversation. I checked up on the whole foriegn currency exchange and its legit.
yo i never heard on the YBM crew , they rap? & what club did he buy
 11 years ago '05        #107
Knockout Kingz 
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Can u say...."Long White Con"????

Somebody been read Iceberg Slim books!!!!
 11 years ago '05        #108
respectmyname 
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That was My son...you are right he was kinda out there but he was a very Smart man...not to Brag or nothing but they left out that my son had the black on black Maybach 57....at 23? fu*k a record deal. Used to Pick A n*gga up from VCU (college) in the bach...Damn i miss my son already...he had all that money and would pay people to put out his clothes just so he could keep them employed...how many other people would do that. And he Did invest alot of money he just got caught up at the end with a bad investment and then started Taking money from one investor and paying the next one their money back "rob peter to pay paul" to make it look like the business was still going...He had positive intentions but made a bad decision to keep the company. True Story.
 11 years ago '04        #109
Javon23 265 heat pts265
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 hustleinc.com said:
yo i never heard on the YBM crew , they rap? & what club did he buy
stands for Young Black Man Doing it
no crew or anything
 11 years ago '06        #110
whammy 1 heat pts
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 respectmyname said:
That was My son...you are right he was kinda out there but he was a very Smart man...not to Brag or nothing but they left out that my son had the black on black Maybach 57....at 23? fu*k a record deal. Used to Pick A n*gga up from VCU (college) in the bach...Damn i miss my son already...he had all that money and would pay people to put out his clothes just so he could keep them employed...how many other people would do that. And he Did invest alot of money he just got caught up at the end with a bad investment and then started Taking money from one investor and paying the next one their money back "rob peter to pay paul" to make it look like the business was still going...He had positive intentions but made a bad decision to keep the company. True Story.
Let's glorify criminal activity :applause: Maybe a rapper will mention him in a freestyle so you'll have something else to brag about.
 09-25-2006, 08:05 AM         #111
80sbabyent  OP
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Im not gone front, dude was that n*gga for 6 months but now what, black people need to stop livin for today, and start savin for tomorrow, its hard to believe somebody could be so smart and so stupid at the same time.
 09-25-2006, 08:42 AM         #112
rspj5  OP
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A hustler's a hustler. He was a damn good one!! Lock his a.ss up! HA HA HA
 11 years ago '05        #113
choppinggame 2 heat pts
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Did anybody mention, this guy is out on bond. so if he's out on bond, that lets you know that this guy was doing something right.
Ain;t noone said they got ripped. Someone was curious and contacted authorities, because this smart guy came with a plan a suceeded.

People are forgetting all these investors had to pay this guy fees every month for him doing that trading. Plus theres a fee when you pull out your money.

Its easy to find a company that goes bankrupt and they stock drop to $1.00and then a company buy them and they stock jump to $10.00

so if you gave him $50,000 , its possible he flipped it into $100,000 but overall he made $500,000 off of their 50. All he has to do is be on his lap top around the clock. He gives them $100,000 and he got $400,000 for himself.
All he needed was money their money to invest. He promised to double their money in 30 days. Anything over the double he gets. Dude is smart.

you give him $1 million - he gives you $2 million in 30 days. He makes $10 million and gets to keep $8 million. All he had to do was be online all day. Don;t think this was easy work for him. He was good if trading ends at a certain time everyday.

People are mad cause he got people to trust him.
These people trusted him cause he was young and very smart.

Rich people love young smart people.

Somebody got mad and said it was a scheme. So far the only thing he will go down for probably is the gun charge. Smart as this guy is, he had to be doing something right for him to be comfortable having all them cars.

I think the charges will get dropped easy!!!


Last edited by choppinggame; 09-25-2006 at 10:30 AM..
 09-25-2006, 11:04 AM         #114
J.Slim  OP
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If I got to do 30 years it will be over getting money.
 11 years ago '04        #115
Javon23 265 heat pts265
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 Javon23 said:
for all that care
hes about to post bail
owwwwwwww!
^^^^^^^^^^^^^^^^^^^^^^
 11 years ago '04        #116
Javon23 265 heat pts265
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 choppinggame said:
Did anybody mention, this guy is out on bond. so if he's out on bond, that lets you know that this guy was doing something right.
Ain;t noone said they got ripped. Someone was curious and contacted authorities, because this smart guy came with a plan a suceeded.

People are forgetting all these investors had to pay this guy fees every month for him doing that trading. Plus theres a fee when you pull out your money.

Its easy to find a company that goes bankrupt and they stock drop to $1.00and then a company buy them and they stock jump to $10.00

so if you gave him $50,000 , its possible he flipped it into $100,000 but overall he made $500,000 off of their 50. All he has to do is be on his lap top around the clock. He gives them $100,000 and he got $400,000 for himself.
All he needed was money their money to invest. He promised to double their money in 30 days. Anything over the double he gets. Dude is smart.

you give him $1 million - he gives you $2 million in 30 days. He makes $10 million and gets to keep $8 million. All he had to do was be online all day. Don;t think this was easy work for him. He was good if trading ends at a certain time everyday.

People are mad cause he got people to trust him.
These people trusted him cause he was young and very smart.

Rich people love young smart people.

Somebody got mad and said it was a scheme. So far the only thing he will go down for probably is the gun charge. Smart as this guy is, he had to be doing something right for him to be comfortable having all them cars.

I think the charges will get dropped easy!!!

yessir
realtalk
i dont see him doing anytime
he will only get the gun charge
plus after this is all over
i bet he gets a bunch of phone calls
from companies offering him a job making 6 figures.
 11 years ago '06        #117
whammy 1 heat pts
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 choppinggame said:
Did anybody mention, this guy is out on bond. so if he's out on bond, that lets you know that this guy was doing something right.

Edward McGregor must be doing something right. He's suspected of strangling and beating two women to death and he only got a two hundred and fifty thousand dollar bond

Ain;t noone said they got ripped. Someone was curious and contacted authorities, because this smart guy came with a plan a suceeded.

Did you interview all the investors? Is that you how you know no one got ripped?

People are forgetting all these investors had to pay this guy fees every month for him doing that trading. Plus theres a fee when you pull out your money.

Its easy to find a company that goes bankrupt and they stock drop to $1.00and then a company buy them and they stock jump to $10.00

Can you name some examples for me?

so if you gave him $50,000 , its possible he flipped it into $100,000 but overall he made $500,000 off of their 50. All he has to do is be on his lap top around the clock. He gives them $100,000 and he got $400,000 for himself.
All he needed was money their money to invest. He promised to double their money in 30 days. Anything over the double he gets. Dude is smart.

you give him $1 million - he gives you $2 million in 30 days. He makes $10 million and gets to keep $8 million. All he had to do was be online all day. Don;t think this was easy work for him. He was good if trading ends at a certain time everyday.

He was investing on FOREX so there are no companies to buy and also the stock market isn't twenty four hours a day so your scenario isn't plausible.

People are mad cause he got people to trust him.
These people trusted him cause he was young and very smart.

Rich people love young smart people.

Somebody got mad and said it was a scheme. So far the only thing he will go down for probably is the gun charge. Smart as this guy is, he had to be doing something right for him to be comfortable having all them cars.

It always back to the cars. What a horrible mentality. "Awww the n*gga got a Lambo. He must be doin' it right."

I think the charges will get dropped easy!!!
He'll do five years at least
 09-26-2006, 04:07 AM         #118
lyrical genius  OP
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some of u n*ggas is so fu*king stupid

u dont make cheese like that LEGIT that QUICK, plain and simple. No matter whether he doubled sh*t or not, which he clearly didnt, he engaged in deceptive business practices. thats illegal in its own and they bumped all the penalties for sh*t like this post-enron days. Couple that with the fact dude is a convicted felon, with another felony gun charge and this scamming charge, dude is getting locked up. u dudes are in denial. he robbed people and u guys call it hatin, classic

PS some of u i dont even think know what a pyramid scheme is. SOME people do get loot, thus wont say anything bad about it. Thats until the IRS knocks at the door asking for that sh*t back. give it time, ull see

edit.....i said till the IRS asks for that sh*t back, i meant DEMANDS


Last edited by lyrical genius; 09-26-2006 at 04:09 AM..
 11 years ago '04        #119
memyselfni 9 heat pts
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good for him
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