Cranston man found guilty for scamming neighbor, sentenced to 3 years in prison
CRANSTON, R.I. (WLNE)- A Cranston man found guilty for scamming his neighbor to invest $50,000 into his business was sentenced today to 10 years in prison. He will only serve three years in prison and the other seven years on probation.
73-year-old John Conley has also been ordered to pay $44,000 in restitution to the victims.
RI State Police investigated John Conley after a complaint from the neighbor.
Conley was found guilty by a jury of one count of unlawful appropriation over $1,000 and one count of obtaining money under false pretenses over $1,500.
According to police, Conley convinced his neighbor to invest $50,000 into his company, Legends Acquisitions, LLC.
Conley told the neighbor the $50,000 investment would be given back after three years with $18,000 in interest, or could be converted into $100,000 worth of shares at Legends Acquisitions.
Only $6,000 of the investment was received back.
Conley used the money for personal expenses, including haircuts and dry cleaning.
Conley had been previously convicted of eight counts of federal wire fraud in 2006 and served 21 months in prison.
“The defendant lied to his neighbor, persuaded him to part with his money, and then lined his own pocket,” said Attorney General Neronha. “I am grateful to the Rhode Island State Police for their usual excellent investigative work and partnership in bringing this case to a successful conclusion.”
“I’m proud of the hard work that our troopers and our financial crimes unit put into this case,” said Colonel James M. Manni, Superintendent of the Rhode Island State Police and Director of the Department of Public Safety. “Their efforts – and the diligence of Attorney General Neronha and his team – led to the appropriate outcome in this case. Justice is served.”