On August 24th, Daryl Gene Bank, the former owner of an Investment Company in Virginia Beach, was arrested and, along with his co-conspirator Raeann Gibson, charged with conspiracy to commit mail and wire fraud, and engaging in unlawful monetary transactions.  Bank and Gibson allegedly entered into a conspiracy to operate multiple fraud schemes between January 2012 and July 2017.  The co-conspirators prepared materially false and misleading investment offerings, and knowingly omitted material information, to at least 300 investors, causing losses totaling $20 million.  Additionally, the SEC filed a civil complaint against Bank and entities controlled by him in 2015, and the Virginia State Corporation Commission filed a civil enforcement action to enjoin them from selling unregistered securities against Bank and Gibson later that year.  Bank could receive a penalty of up to 260 years in prison, while Gibson faces 240 years.

DOJ Press Release