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Richard Maike and his colleagues Infinity2Global fraudsters were found guilty on all counts by a jury.
The verdict on September 7th comes after a lengthy criminal trial that began on July 12th.
Richard Maike (right), the founder of Infinity2Global, was convicted guilty on all charges.
Conspiracy to commit mail fraud; conspiracy to commit securities fraud; nine counts of money laundering; and attempted tax evasion
Doyce G. Barnes and Faraday N. Hosseinipour, Maike’s co-conspirators, were found guilty on one count each of Conspiracy to Commit Mail Fraud and Conspiracy to Commit Securities Fraud.
Barnes was the Vice President of Marketing for Infinity2Global. Hosseinipour was an excellent promoter.
The three defendants’ sentencing has been set for December 12th.
I couldn’t locate a punishment range, but I assume Maike will spend several decades in prison.
Barnes and Hosseinipour are not certain because they were only convicted on two charges each. It should take at least a couple of years.
In 2017, criminal charges were brought against Maike and five other Infinity2Global co-defendants.
Infinity2Global was evaluated by BehindMLM in 2013, and the “high potential” of a Ponzi scam was noted.
In Maike et al2017 .’s charges, the DOJ revealed I2G was a $25 million Ponzi scheme.
The initial Infinity2Global trial was set to begin in January 2019. It was postponed until July 2022 due to a variety of factors.
Richard Anzalone, one of the I2G defendants, pled guilty in May. On July 1st, the court ordered separating the criminal proceedings against Infinity2Global into two trials.
The trial of Maike, Barnes, and Hosseinipour had just ended. Dennis Dobrin and Jason Lyn’s second trial has yet to be set.
Maike, Hosseinipour, and Barnes are all in jail as of the 8th of September 2022.
Maike sought parole until his sentence, but his request was refused.
Hosseinipour and Barnes have been ordered to stay in jail until their passports are surrendered.
The Messenger-Inquirer also provided some sentencing recommendations.
The maximum term for mail fraud is 20 years in federal prison, whereas the maximum sentence for securities fraud is five years in jail.
Maike was found guilty of nine charges of money laundering, each with a possible jail term of ten years. The maximum term for attempted tax evasion is five years in jail.
Maike may face a maximum sentence of 120 years in jail. Hosseinipour and Barnes are each looking at perhaps up to 25 years in prison.
15th September 2022 – Update Just a quick update on Doyce Barnes and Faraday Hosseinipour: both have been freed by the provisions of their 2017 bail conditions.
Barnes and Hosseinipour had previously handed his passport to the US Marshal’s office by those terms.
Barnes’ and Hosseinipour’s surrendered passports were moved from the US Marshal’s office to the US Probation Office based on their convictions.
