Former Arlington CEO Pleads Guilty In $40 Million International Ponzi Scheme

(Alexandria, Virginia) – Preston Pinkett, III, 68, of Alexandria, Virginia, pled guilty today to conspiracy to commit mail fraud relating to an investment scheme in the United States and Canada. Dana J. Boente, Acting United States Attorney for the Eastern District of Virginia; Joseph Persichini, Assistant Director in Charge, Federal Bureau of Investigation, Washington Field Office; and Gregory Campbell, Inspector in Charge, United States Postal Inspection Service, Washington Field Office, made the announcement after the plea was accepted by United States District Judge James C. Cacheris.

Sentencing has been set for March 6, 2009. Pinkett faces a maximum penalty of 20 years imprisonment, a fine of $250,000 or twice the amount of the losses caused, three years of supervised release, and full restitution.

According to the statement of facts filed with his plea agreement, Pinkett served as President and CEO of International Fiduciary Corporation, SA, (“IFC”) headquartered in Arlington, Virginia. From 2004 through 2006, Pinkett and his coconspirators convinced over 180 investors to invest in IFC’s “Asset Growth Program,” falsely claiming that they would reap returns from “medium term bank notes.” In fact, IFC was a corporate front for an international Ponzi scheme that received over $40 million in fraudulently obtained investments.

This case was jointly investigated by the United States Postal Inspection Service and the Federal Bureau of Investigation. Assistant United States Attorney G. Derek Andreson is prosecuting the case on behalf of the United States.

Press Releases | Washington Field Office Home