Former pastor who defrauded the elderly of $23m gets 68 year prison sentence.
A former Texas pastor stole $23 million from the elderly through investment fraud. The perpetraitor, Timothy Lloyd Booth committed this fraud between 2014 and 2016. Before he became a full time scammer, Booth was the pastor of Way of Grace church in McKinney, Texas. Way of Grace closed its doors in 2016. During the case investigation, law enforcement officials did a search warrant at Booth’s church office. “The church closure was unrelated to the investment fraud, and none of the church members were victims.” This information comes from Tina Lawrence, a special prosecutor for the case and the assistant director for the Texas State Securities Board.
Booth conned elderly victims by setting up a fake internet advertising company. The name of the company was Stamedia, Inc. Through Stamedia, Booth asked for investments and promised a 9% return rate. This fraud affected more than 50 people across the state of Texas. Some individuals invested between $25,000 to $500,000. The total amount stolen from the scam was $23 million.
Those stolen millions funded a lavish lifestyle for the conman. Financial examiner Letha L. Sparks described the purchases made with the ill-gotten gains. He bought many luxury vehicles like Mercedes, Land Rovers and Aston Martins. He also used the money of the elderly to finance expensive family vacations.
Because of this multi-million dollar investment fraud, Booth will spend the next 68 years in prison. The District Court of Collin County in Texas sentenced the perpetraitor in May 2018. The charges include first-degree felony of theft and securities fraud.