Lawyer pleads guilty to $47 million Ponzi scheme
Headline Legal 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.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.