Man sentenced for wire fraud
Published 7:10 pm Friday, February 11, 2022
A Suffolk man was sentenced Friday to 41 months in prison for a wire fraud scheme in which he defrauded would-be real estate investors out of approximately $378,000.
According to court documents, Kordrick Gibbons, 52, had a reputation with his co-workers and friends as being a savvy investor who was financially successful, according to a press release from the U.S. Attorney’s Office. From approximately 2015 through in or about 2018, Gibbons utilized this reputation to convince his co-workers to “invest” in his real estate holdings and, in exchange, Gibbons promised them lavish returns on their investments.
Gibbons claimed to invest in properties, including businesses and condominiums, and that investors could realize 50% to 100% returns on their investments in as little as four to six months, the press release stated. Gibbons falsified documents to convince his investors that he had ownership interests in these properties. On multiple occasions, Gibbons emailed the victims documents that were inaccurate or false to deceive them into thinking he was wealthy and had multiple income-generating properties, when, in fact, he did not.
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The victims stated that Gibbons would make excuses as to why they had not yet received their money, all while promising that they would be paid. For instance, Gibbons often falsely suggested a bank had frozen his account in error or falsely asserted he was battling cancer.
In total, Gibbons defrauded at least 13 known victims and caused his investors to lose approximately $378,000.