A sentencing date has been set for Mark David Ray, a former Abingdon man accused of running a Ponzi scheme related to fraudulent cattle and marijuana businesses.
Ray pleaded guilty in February 2020 to one count of conspiracy to wire fraud and bank fraud.
Ray, now of Denver, has been free while he awaits sentencing.
Sentencing is set for June 15 at 9 a.m. in Peoria before Chief Judge Sara Darrow.
His co-conspirators Reva Stachniw of Galesburg and Ron Throgmartin of Buford, Georgia were convicted at trial on a count of conspiracy to commit wire fraud, five counts of wire fraud, and one count of conspiracy to commit money laundering.
Both Stachniw and Throgmartin were sentenced to 6 years and ordered to pay $14 million in restitution and forfeit several million more.
Ray, Stachniw, and Throgmartin promised investors returns of 10 to 20 percent in as short as a few weeks.
The Department of Justice says most often the three fraudulently represented to victims that their investments were backed by short-term investments in cattle.
