A federal jury on Friday convicted two people including a retired Galesburg nurse of wire fraud and conspiracy to commit money laundering.
70-year-old Reva Stachniw of Galesburg, along with 58-year-old Ron Throgmartin of Buford, Georgia, solicited money from 2017 to 2019 for short-term bets on cattle.
They promised returns of 10% to 20% in periods as short as a few weeks according to the US Department of Justice.
The only problem? The cattle didn’t exist. Prosecutors say the pair would “repay other investors in a Ponzi-style investment scheme, or to enrich themselves.”
Altogether Stachniw and Throgmartin raised about $650 million with promises to invest in cattle and marijuana businesses, leaving clients with tens of millions in losses.
Stachniw and Throgmartin could face decades in federal prison when they face sentencing on Jan. 6.
They were convicted on a count of conspiracy to commit wire fraud, five counts of wire fraud, laundering, and one count of conspiracy to commit money laundering.
Each of the wire fraud counts carries a maximum penalty of 20 years, as well as 10 years on the conspiracy to commit money laundering count.