On November 9, 2016, Lecelle Theresa Montgomery of Bluffton, South Carolina, was charged in a 10 count Indictment with Bank Fraud (5 counts) and Wire Fraud (5 counts).
The indictment alleges that beginning in or about 2008, and continuing to about 2012, Montgomery knowingly executed a scheme to commit Bank Fraud by obtaining money under the control of a financial institution by means of false and fraudulent pretenses, promises and representations.
With regard to the 5 counts of Wire Fraud, the indictment alleges that during the same period, Montgomery, acting as a financial advisor, authorized to use a credit card belonging to an investor for incidental expenses related to the investor’s illness, devised a scheme to defraud an investor by means of false and fraudulent pretenses, promises, and representations by using the investor’s credit card to make personal purchases.
The maximum penalties that Montgomery could receive for Bank Fraud is 30 years imprisonment and a $1,000,000 fine. The maximum penalties she could receive for Wire Fraud is 20 years imprisonment, a fine of $250,000, supervised release of not more than 3 years, and a $100 fine.