People

Former California Operator Sentenced In Ponzi Scheme

Posted on August 11, 2010 by LCT Staff - Also by this author - About the author

The former owner of Luxury Limousines in Sacramento gets 19 years in prison and three years of supervised release.

SACRAMENTO, Calif. — William Murray, 56, of Sacramento, was sentenced last week to 19.5 years in prison, followed by three years of supervised release for mail fraud and interference with tax administration in a Ponzi scheme, said U.S. Attorney Benjamin B. Wagner.

U.S. District Judge Edward J. Garcia also ordered Murray to pay restitution of $10,375,118.31 to victims of the scheme.

This case is the product of a joint investigation by the Treasury Inspector General for Tax Administration and Internal Revenue Service (IRS), Criminal Investigations. Assistant U.S. Attorney Matthew D. Segal prosecuted the case.

According to Murray’s guilty plea on March 9, 2010, Murray stole $13,357,133 from more than 50 clients between 2001 and 2009. He told clients to write checks to accounts under his control so that he could pay taxes or invest money on their behalf. In fact, he spent millions of dollars in client money on his own lifestyle. He bought himself houses, a classic car, a fleet of limousines, jewelry, rugs, fine wines and other luxury items. At one time, Murray was a registered member of the National Limousine Association.

Murray changed his clients’ addresses to his own, so that they would not receive the IRS’s demands for payment on their delinquent taxes. As demands for payment arrived from clients and the IRS, Murray’s fraud became a Ponzi scheme. He used $3,507,502 in later clients’ money to pay off demands associated with earlier clients.

Murray had been a person of some prominence. He was a certified public accountant with hundreds of clients. He regularly gave tax advice on a local television channel, and gave sworn expert witness testimony in courts in five counties. He had served as an IRS Revenue Agent between 1976 and 1980.

Murray’s sentence provides for the forfeiture of all of his remaining property, the disclosure of his bank account information to his victims, and a full disclosure of all of his financial affairs.

Ten victims spoke at the hearing, describing how Murray assured them that he would take care of their financial problems, saying, “Let me do what I do best.”

Judge Garcia said that the sentencing guidelines covered the victims’ sentiments. He said, “Victims’ lives have been changed forever and some will never recover due to their age,” noting that “the assets recovered will not begin to make the victims whole.”

Source: PRNewswire

View comments or post a comment on this story. (0 Comments)

More News

Long Island Operators Celebrate At Black Tie Gala

The Long Island Limousine Association awards banquet recognized member and vendor contributions to the industry.

Operators Mourn Loss Of Industry Colleague

Funeral services will be held Jan. 13 for Wisconsin operator Kevin "Big K" Doublin who had a loyal following of friends and peers.

California Group Elects New Slate Of Officers

The GCLA welcomes a new board of directors to take on some of the toughest regulatory battles in the industry.

Mobility Expert Joins Executive Ranks At Blacklane

The new COO/CFO will apply his experience to improving customer service on the ground and online.

Limo Patriot Ride Revs Up For Military Cause

The award-winning fundraiser serves as the ideal capstone to the International LCT Show.

See More News

Facebook Comments ()

Comments (0)

Post a Comment

Submit

Blogs

See More

See More

See More

See More

LCT Store

LCT Magazine - January 2017 $12.95 THE MONEY ISSUE COVER STORY: * Dashboard Helps Steer Company Finances * *



Connect

Experience the three annual industry events for networking for business, showcasing vehicles and products, and getting the tools for success.

Read About Your Region

What’s Happening Near You?
Click on any state to see the latest industry news and events in that region.

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Metro Magazine

Serving the bus and passenger rail industries for more than a century

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

Please sign in or register to .    Close