Post by 50yardfan on Sept 3, 2010 17:04:14 GMT -5
Potomac man charged with wire fraud after $1.6 million taken from Laurel firm
Dwayne Wells accused of embezzling money from Ryco Associates
www.gazette.net/stories/09032010/montnew151358_32563.php
A Potomac man was charged with wire fraud of $1.6 million from his mechanical engineering firm.
Dwayne Wells, 50, created several corporations in which he embezzled money from Ryco Associates in Laurel, of which he has been a part-owner since 2006, according to an affidavit filed in support of a criminal complaint filed in U. S. District Court in Greenbelt on Thursday.
Wells used $109,500 from 2009 to 2010 to acquire an ownership interest in the Baltimore Mariners, an indoor football team that won the American Indoor Football Association championship in July after an undefeated season. He also spent $18,000 on arena expenses for the team using Ryco funds, and approved $1,000 to the Baltimore Blast Cheerleaders, according to the affidavit.
No one could be reached from the Baltimore Mariners, and a woman who answered the phone at Ryco Associates had no comment. Calls to Wells' home were not returned.
Wells is also accused of using stolen money to buy interest in The Nest restaurant in Baltimore, travel expenses for him and his wife, and thousands of dollars to an adult-entertainment establishment in Baltimore, according to the affidavit.
Between 2008 and 2010, Wells created the Baltimore Entertainment Group, DAD Group LLC, and BRIG LLC in which he embezzled a total of $890,995. The affidavit said DAD stands for "Drinkers and Dreamers" and "BRIG" stands for "Boys Ravaging Innocent Girls."
He also authorized $441,384 in payments from Ryco to himself.
His initial court appearance is scheduled for 3:45 today.
Dwayne Wells accused of embezzling money from Ryco Associates
www.gazette.net/stories/09032010/montnew151358_32563.php
A Potomac man was charged with wire fraud of $1.6 million from his mechanical engineering firm.
Dwayne Wells, 50, created several corporations in which he embezzled money from Ryco Associates in Laurel, of which he has been a part-owner since 2006, according to an affidavit filed in support of a criminal complaint filed in U. S. District Court in Greenbelt on Thursday.
Wells used $109,500 from 2009 to 2010 to acquire an ownership interest in the Baltimore Mariners, an indoor football team that won the American Indoor Football Association championship in July after an undefeated season. He also spent $18,000 on arena expenses for the team using Ryco funds, and approved $1,000 to the Baltimore Blast Cheerleaders, according to the affidavit.
No one could be reached from the Baltimore Mariners, and a woman who answered the phone at Ryco Associates had no comment. Calls to Wells' home were not returned.
Wells is also accused of using stolen money to buy interest in The Nest restaurant in Baltimore, travel expenses for him and his wife, and thousands of dollars to an adult-entertainment establishment in Baltimore, according to the affidavit.
Between 2008 and 2010, Wells created the Baltimore Entertainment Group, DAD Group LLC, and BRIG LLC in which he embezzled a total of $890,995. The affidavit said DAD stands for "Drinkers and Dreamers" and "BRIG" stands for "Boys Ravaging Innocent Girls."
He also authorized $441,384 in payments from Ryco to himself.
His initial court appearance is scheduled for 3:45 today.