Lawyer pleads guilty to $47 million Ponzi scheme

Attorneys News

An Arkansas lawyer and businessman admitted today to staging a Ponzi scheme that netted more than $47 million, a scam that a prosecutor called the largest case of fraud in state history.

Kevin Lewis, 43, pleaded guilty today to one count of bank fraud in federal district court in Little Rock. He could face up to 30 years in prison, though U.S. Attorney Christopher Thyer said Lewis would likely receive between 10 to 13 years.

He will also have to pay restitution of almost $40 million, though that number could go down further as banks work to recover their losses.

Lewis acknowledged that he issued paperwork for fake rural improvement bonds often used by developers to defraud several Arkansas banks starting with a small bond in 1997.

That money went to maintain his business interests across the state, which range from a law firm to a clothing company. He used the money to make the payments on past fake bonds and support a personal lifestyle that included a house valued at more than $1 million, fancy cars and vacations, Thyer said.

Meanwhile, the bank that bought almost $23 million of the fake bonds, First Southern Bank in Batesville, was placed into receivership by authorities, Thyer said. Lewis had purchased majority ownership of First Southern, using a loan from another Arkansas bank that was backed by the fake bonds.

Related listings

  • Chandler steps down as head of Del. Chancery Court

    Chandler steps down as head of Del. Chancery Court

    Attorneys News 06/20/2011

    William Chandler III never realized his young man's dream of becoming a university professor, yet he has managed to pass on plenty of lessons to students of American law and business. Chandler, 60, is retiring this week as head of Delaware's Court of...

  • Former Chicago Mayor Joins Katten Muchin

    Former Chicago Mayor Joins Katten Muchin

    Attorneys News 06/02/2011

    Former Chicago Mayor Richard M. Daley, who stepped down last month after serving six terms, joined the law firm Katten Muchin Rosenman LLP. Daley, 69, will serve as counsel at Katten and won't participate in any work involving the city or any of its ...

  • Head of Delaware business court joining law firm

    Head of Delaware business court joining law firm

    Attorneys News 05/19/2011

    The head of Delaware's Court of Chancery, a key venue for matters of corporate law, is taking a job with a California-based law firm. Chancellor William Chandler III will join Palo Alto-based Wilson Sonsini Goodrich & Rosati on June 18. He had an...

Victorville CA DUI defense Attorneys

The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.

The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.

Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read