Richard Maike and the other con artists from Infinity2Global have been convicted guilty on all counts.
The September 7th verdict follows a mammoth criminal trial that began on July 12th.
As to Richard Maike (right), founder of Infinity2Global, the jury found him guilty on all counts of
fraud conspiracy involving mail;
Conspiracy to Commit Securities Fraud;
(Nine counts of money laundering); and
Attempts to Evade Taxes
Doyce G. Barnes and Faraday N. Hosseinipour, two of Maike’s accomplices, were each found guilty on one count of conspiring to commit mail fraud and securities fraud.
Barnes served as the Vice President of Marketing at Infinity2Global. A renowned promoter was Hosseinipour.
The sentencing of the three defendants has been scheduled for December 12th.
I couldn’t find a sentencing range but I imagine Maike is probably looking at spending a few decades in prison.
Barnes and Hosseinipour were only found guilty on two counts each, so I’m not sure about them. Should take a few years at least.
In 2017, criminal charges were brought against Maike and five other Infinity2Global defendants.
In 2013, BehindMLM reviewed Infinity2Global and noted that a Ponzi scheme was “strongly possible.”
In the 2017 indictments against Maike et al., the DOJ acknowledged that I2G was a $25 million Ponzi scheme.
The Infinity2Global trial’s initial date was January 2019. For a variety of reasons, it was postponed until July 2022.
Richard Anzalone, one of the I2G defendants, entered a guilty plea in May. The court authorized the division of the criminal case against Infinity2Global into two trials on July 1.
The case of Maike, Barnes, and Hosseinipour just came to an end. The second trial for Dennis Dobrin and Jason Lyn has yet to be set.
Update 8th September 2022 – At the time of posting Maike, Hosseinipour and Barnes are all in custody.
Maike requested parole before to sentence, but his request was rejected.
Barnes and Hosseinipour are required to stay in detention until their passports are turned in.
We also have some sentencing guidelines courtesy of the Messenger-Inquirer;
The maximum sentence for mail fraud is 20 years in federal prison, whereas the maximum sentence for securities fraud is five years.
Nine allegations of money laundering against Maike were determined to be true, and each one carries a potential 10-year jail term. The maximum prison time for attempted tax evasion is five years.
TL;DR: Maike could receive a sentence of up to 120 years in jail. Barnes and Hosseinipour may each serve up to 25 years.