Fraudster’s 87-Month Slam Dunk: $50 Million Investor Scam Unraveled!
A California man faces 87 months in prison for leading an investor fraud ring that snatched $50 million by impersonating financial institutions. Using over 150 fake websites, Allen Giltman and his crew became the ultimate con artists, leaving 70 victims wondering where their promised “best CD rates” went, along with their money.
Hot Take:
Well, it seems like Allen Giltman has finally found the downside of being a “man of many faces”—you know, besides losing $50 million of other people’s money. Spoofing financial institutions might have made him a rich man temporarily, but it turns out the only long-term investment he secured was an extended stay behind bars. Maybe now he’ll have time to consider safer investments, like a jailhouse library card.
Key Points:
– Allen Giltman sentenced to 87 months in prison for a $50 million investment fraud scheme.
– Used over 150 fake websites to impersonate financial entities and lure investors.
– Promoted scams through Google and Bing ads targeting “best CD rates.”
– Employed VPNs and encrypted apps to hide identities and facilitate scams.
– Pleaded guilty in January 2022; additional 3 years of supervised release ordered.