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March 4, 2009
A pair of alleged schemers promised investors they could as much as double their money within 60 days on commercial property investments, but they never invested the money. One of those accused is in federal custody for an unrelated subprime mortgage fraud case.
Sharmon Wade of Queens, N.Y. is being held in Manhattan and Claudius Hannah of Spring Valley, N.Y. has been jailed in Orlando, Fla., pending extradition.
Prosecutors said the pair defrauded at least 21 victims in the scheme; one woman, a nurse, lost $200,000 in the fraud.
Read story The Miami Herald
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