Prosecutors say a co-conspirator contacted one of the investors in Massachusetts, promising a high return on an investment of $100,000, and providing documents suggesting that Integra Diamonds had other investors and agreements with a logistics vendor and U.S.-based diamond purchasers.
The victim only received $30,000 back according to prosecutors.
A second victim in California also invested $100,000 in Integra Diamonds. Prosecutors say Schumacher used the money to buy diamonds in Sierra Leone, which he re-sold to a U.S. broker, without repaying any money to the second victim.
Schumacher is scheduled to make an initial appearance before a U.S. Magistrate Judge Wednesday at 3 p.m.
If convicted, Schumacher faces a maximum of 20 years in prison and a $250,000 fine.
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July 23, 2020 at 01:12AM
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Penfield man facing wire fraud charges in investment scam - WHEC
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