Man pleads guilty to investment fraud

More than $1.7 million stolen, federal court told

Wednesday, March 24, 2010 2:57 PM
Last updated 3:03 PM
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An Augusta businessman pleaded guilty in federal court today to investment schemes that took $1.7 million from friends and associates

Walter Marion Williams will be sentenced on mail fraud charges at a later date, federal prosecutors said.

Among the victims of Williams were Dan and Mildred McAvoy who will never know how much of their money Williams stole.

The Washington, Ga., couple died last year just a few months before the FBI began investigating Williams, an Augusta insurance agent, on accusations that he defrauded at least 16 investors out of more than a million dollars. Dan was a small-time turkey farmer. Mildred, his wife, was a seamstress for a textile plant.

The couple didn't have much money, but what they did have, they saved for their children. All of that is gone now.

"They believed that he was a trustworthy person and a good Christian," said Claudia McAvoy, the couple's daughter-in-law. "They never would have thought he would have done anything like this."

What Williams did - to devastating effect - was to devise a scheme that ultimately led to the theft of $1.7 million.

Today he stood before many of those same people in federal court to plead guilty for those crimes.

Over about a 17-year period that began in May 1992, Williams, who at one time owned the insurance and investment company Walt Williams Insurance Associates on Wheeler Road, took thousands from his clients to invest in what he claimed where high-return investments, according to information presented in federal court today.

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baronvonreich
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baronvonreich 03/24/10 - 03:07 pm
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"They believed that he was a

"They believed that he was a trustworthy person and a good Christian" - lol there is no such thing.

Oh Walt was just doing what the Congress and state Legislatures do. Why not arrest them?

americafirst
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americafirst 03/24/10 - 06:43 pm
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What the article leaves out

What the article leaves out (at least this version) is that Williams never invested any of these people's money and never intended to. He just took their money, put it in his own bank account and lived off it which included a house in Westlake and trips to las vegas to participate in poker tournaments using these people's money.

Adam Folk
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Adam Folk 03/24/10 - 08:28 pm
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It will be included in the

It will be included in the full version americafirst. Check out tomorrow's paper.

Taylor B
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Taylor B 03/24/10 - 08:46 pm
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He should do time in a real

He should do time in a real prison. No club fed.

americafirst
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americafirst 03/24/10 - 09:59 pm
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Adam: I assumed that which is

Adam: I assumed that which is why I made the reference to "this version." I knew this was an abbreviated version for the website and meant no criticism of your reporting.

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