Jury Trial for Oxford Man Accused of Stealing Millions in Ponzi Scheme Scheduled for January

The jury trial for an Oxford man accused of scamming clients in a Ponzi scheme is scheduled to start in January, the Valley Independent reports.

Robert E. Lee Jr., 50 was indicted on five counts of wire fraud by a federal grand jury on Oct. 7, the paper reports. Each count carries a minimum of 20 years in prison.

According to the paper, Lee is accused of scamming three clients who are referred to as Victim-1, Victim-2 and Victim-3 in court documents. Lee allegedly lied to clients about their investments and forged documents to cover his tracks.

Victim-1 and Victim-2 together invested over $3 million with Lee, the paper reports. In July 2013, when the two victims visited Lee, Lee admitted their money was gone as Victim-1 had to take out $30,000 to pay for his child’s college tuition.

During the same time period, Victim-2 had asked Lee to set up a trust fund for his children at which point Lee admitted that the victim’s portfolio that was allegedly worth $286 million was a lie.

Lee was terminated from his job at Rockwell Global Capital, LLC in July 2013, the paper reports. In August 2013, the Financial Industry Regulatory Authority put a lifetime ban on Lee.

A witness helped the FBI solidify the case.

Lee is free on $250,000 bond and a telephone scheduling conference for the case will be held on Oct. 28, the paper reports. Jury selection is scheduled for Jan. 14.

Read the full story at the Valley Independent.

Image via Shutterstock

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