The Full Wiki

More info on Michael Eugene Kelly

Michael Eugene Kelly: Wikis

Advertisements
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

Michael Eugene Kelly (born October 6, 1949) is the owner of Yucatan Resorts, Resort Holdings International, Puerto Cancun and Avanti Motor Corporation. With 23 others, he is accused by the FBI and the United States Attorney's Office of operating a $428 million Ponzi scheme that defrauded over a thousand elderly and senior citizens of their retirement money.[1]

Kelly was arrested in his hospital room at the Mayo Clinic on December 22, 2006 just before he was about to be discharged to return to one of his homes in CancĂșn, Mexico. In pretrial services, Kelly claimed that he earned $55,000 a year and had only $48,000 in assets. In spite of this claim, Kelly offered a private jet, four yachts and race track as collateral at his detention hearing.[2] He was denied bail and remanded to the Metropolitan Correctional Center, Chicago. Kelly attempted to avoid indictment by arranging a plea agreement that included paying restitution to the victims. On 14 May 2008, Kelly pled not guilty to 14 counts of fraud and was remanded in custody.[3]

References

  1. ^ US Securities and Exchange Commission press release Washington, 5 September 2007
  2. ^ Cohen J and staff reporter Hotelier denied bond in fraud case. Businessman charged in alleged Ponzi scam holds dual citizenship Chicago Tribune, 21 February 2007
  3. ^ About Michael Eugene Kelly Unofficial anti-fraud website, which includes a timeline of the proceedings

External links


Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message