Richard Gregory Tilford of Arlington, Texas, was recently sentenced for his role in a digital marketing fraud scheme called StaMedia.
According to a news release from the Texas State Securities Board:
“StaMedia was an internet advertising company. Investors were told the investments in StaMedia were backed by a digital media patent supposedly valued at up to $85 million. They were promised a guaranteed nine percent return on their investments, but StaMedia never generated any revenue and investor funds were to pay for personal expenses.”
Richard Gregory Tilford was sentenced to serve 40 years in state prison for the fraud. He also received 10 years for each of the six counts of selling unregistered securities, and an additional 10 years for each of the six counts of acting as an unregistered dealer. The sentences will run concurrently.
Tilford’s co-defendants are currently serving time behind bars as well, according to the TSSB news release. Former pastor Timothy Lloyd Booth was previously convicted of theft and securities fraud in connection with the StaMedia scheme. He was sentenced to 68 years in state prison.
Bobby Guess is currently serving 12 years for his role in the fraudulent scheme.
Fishman Haygood’s Investment Fraud Division has experience bringing claims on behalf of investors who were duped in fraudulent schemes. Please contact us to discuss your possible claim.
