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LAWFUEL – The Law News Network – R. Alexander Acosta, United…

LAWFUEL – The Law News Network – R. Alexander Acosta, United States Attorney for the Southern District of Florida and Michael S. Clemens, Special Agent in Charge, Federal Bureau of Investigation, announced today that defendant, Warren L. Ware, the Orlando, Florida-based president of W.L. Ware Enterprises, Inc. was sentenced in federal court to 175 months’imprisonment to be followed by three (3) years of supervised release based on his guilty plea to charges of mail fraud, money laundering, and obstruction of justice.

Ware appeared before United States District Court Judge James I. Cohn in Fort Lauderdale, Florida, where he was sentenced to 175 months in prison based on his conviction on an Information filed in March 2005. Ware was also ordered to pay approximately $11.6 million dollars in restitution to the victims of his fraud and will be allowed to self surrender in five (5) months in order to continue to assist the receiver, Michael I. Goldberg, Esq., in the recovery of monies. Ware had plead guilty to these charges in April of this year.

Ware served as the Chief Investment Manager for Ware Enterprises, which operated the Dreamkeeper Investment program out of an office in Orlando, Florida between 2001 and January 200. The company was then shut down and its assets seized by the Securities and Exchange Commission (SEC) and a court-appointed receiver. According to the Information, the Dreamkeeper Program advertised itself as a path to financial freedom and guaranteed its investors a 10% monthly return for the first ten (10) months. The Dreamkeeper Program claimed that investors’ monies were placed in various highly profitable investments. In truth, however, only a small percentage of investors’ monies was actually invested. Instead, Ware admitted to running a Ponzi scheme where monies raised from new investors was used to pay previous investors a purported “return” on investment, thereby giving the illusion that the Dreamkeeper Program was successful.

The Information alleged that between 2001 and 2004, the Dreamkeeper Program took in over $28 million from approximately 900 investors. The government had also charged Ware with misappropriating millions of dollars invested in the Dreamkeeper Program to his own use and the use of others.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.