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ATTORNEY GENERAL
Maricopa County jury finds Phoenix man guilty of ‘calculated con’: Arizona AG
$1.5 million used to buy Gilbert home and Lamborghini Aventador
Tony A. Hatley, Jr.
(Courtesy Arizona Attorney General's Office)
A Phoenix man has been convicted of fraud and theft in connection with a scheme where he posed as a securities trader in a $1.5 million con, authorities said Tuesday.
"This was not just fraud – it was a calculated con,” Attorney General Kris Mayes said. This individual preyed on others' trust, stole over $1.5 million and thought they could get away with it."
A Maricopa County jury found Tony A. Hatley, Jr. guilty of fraudulent schemes and artifices, two counts of thefts and filing a false return.
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ATTORNEY GENERAL
Maricopa County jury finds Phoenix man guilty of ‘calculated con’: Arizona AG
$1.5 million used to buy Gilbert home and Lamborghini Aventador
(Courtesy Arizona Attorney General's Office)
Tony A. Hatley, Jr.
Posted
INDEPENDENT NEWSMEDIA
A Phoenix man has been convicted of fraud and theft in connection with a scheme where he posed as a securities trader in a $1.5 million con, authorities said Tuesday.
"This was not just fraud – it was a calculated con,” Attorney General Kris Mayes said. This individual preyed on others' trust, stole over $1.5 million and thought they could get away with it."
A Maricopa County jury found Tony A. Hatley, Jr. guilty of fraudulent schemes and artifices, two counts of thefts and filing a false return.
Hatley posed as a securities trader and induced the victim, another Phoenix man, into giving him more than $1.5 million for "annuity investments," according to a release from the attorney general.
“Instead of investing the victim’s money as he had promised, Hatley spent hundreds of thousands of dollars of the victim's money on lavish personal purchases for him and his wife,” the release stated.
According to Mayes’ office:
In early 2017, Hatley approached the victim, who was driving an expensive car at the time, about using the victim's car in a photo shoot. Over the following weeks, Defendant befriended the victim, posing as a securities trader. During this time, Hatley claimed to be an experienced stock and currency trader, that he had previously worked for a large brokerage firm, and that he had the knowledge and experience to invest the victim's money for "big returns." In reality, Hatley had never worked at a brokerage firm and had no license to sell financial products.
In July 2017, the victim “invested” $35,000 with Hatley to engage in foreign currency trading. Within two weeks, Hatley returned $5,000 to the victim, claiming this was the profit from the first investment. The victim, believing he was making good returns on his money, continued to give Hatley money for "investments" over the next three months. This money, given for a variety of investment opportunities, included $1,000,000 the victim gave to Hatley to invest in a low-risk annuity, $250,000 for further foreign currency trading, and $300,000 for a loan that was to be used in a trading demonstrations for other potential investors.
Despite his claims to the victim, Hatley never purchased an annuity or engaged in any foreign currency trading for the victim’s benefit. Instead of investing the victim’s money, Hately went on a spending spree. Hately used the victim’s money to purchase a Lamborghini Aventador for $290,000 and a home in Gilbert for him and his wife for $650,000. Hately also paid off $60,000 in student loans and numerous other personal purchases. Hatley also failed to report this additional income on his tax returns. In total, Hately received $1,585,000 of the victim’s money, and returned less $45,000.
Sentencing is scheduled for Aug. 28.
We would like to invite our readers to submit their civil comments, pro or con, on this issue. Email AZOpinions@iniusa.org.
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