Friday, November 14, 2008

Seattle Man Faces $1M Fine


A Port Orchard man was convicted Thursday in U.S. District Court on 27 counts including securities fraud, wire fraud, mail fraud and money laundering.
Charles Nolon Bush, 69, operated various investment entities and accepted more than $35 million in investor funds. He promised high yield investments, but used investor money to fund a lavish lifestyle and pay previous investors in the form of a Ponzi scheme.
Bush fled to Poland, where he was arrested in August 2007. He made his initial appearance in U.S. District Court in February.
To lend legitimacy to the investment scheme, federal prosecutors showed he conducted business from a mansion on a private golf course and from a Safeco Field luxury suite.
Wire Fraud, Mail Fraud, Securities Fraud and Money Laundering are punishable by up to 20 years in prison and a $1,000,000 fine.
Bush's sentencing is scheduled for Feb. 6, 2009 in Seattle.

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