{"id":2091108,"date":"2023-11-05T15:07:02","date_gmt":"2023-11-05T20:07:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/westwood-man-sentenced-to-prison-for-5-million-bond-scam\/"},"modified":"2023-11-05T15:10:49","modified_gmt":"2023-11-05T20:10:49","slug":"westwood-man-sentenced-to-prison-for-5-million-bond-scam","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/westwood-man-sentenced-to-prison-for-5-million-bond-scam\/","title":{"rendered":"Westwood man jailed for $5M bond scam."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwestwood-man-sentenced-to-prison-for-5-million-bond-scam%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2091108&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>Westwood Man Sentenced to Over 9 Years\u2064 for $5 Million Fraud \u2062Scheme<\/h2>\n<p>A \u200cWestwood man, Tommy Watts, has \u200dbeen handed a \u2063hefty prison sentence of nine years and two months for defrauding victims out of more than $5 million. Watts, 63, was found guilty of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-hunter-bidens-business-partner-devon-archer-sentenced-to-one-year-in-prison\/\" title=\"Report: Hunter Biden's Business Partner Devon Archer Sentenced to One Year in Prison\">selling fake bonds<\/a> for\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/19-gop-governors-oppose-bidens-proposed-project-labor-agreement-rule\/\" title=\"19 GOP Governors Oppose Biden's Proposed Project Labor Agreement Rule\">large-scale construction<\/a> and other projects. The sentencing was carried \u200bout by\u200d U.S. District Judge Maame Ewusi-Mensah Frimpong, who also ordered Watts to pay nearly $9 million in restitution.<\/p>\n<p>Watts, who pleaded guilty \u2062to money laundering and tax evasion charges, \u2064had been operating his fraudulent scheme from September \u200c2016\u2062 to September 2019. During this time, he\u2062 falsely claimed to have \u2062expertise in providing surety bonds and financial guarantees for major\u2063 projects. He convinced victims that \u200che \u200ccould secure financing\u2064 for their\u2062 ventures through \u200bhis various companies, including Source One Surety LLC based in Sherman Oaks.<\/p>\n<p>However, it was later revealed that Watts\u2064 was not licensed\u200b to sell such bonds in\u2063 California, and his claims about his experience, clients, underwriting, and assets were all \u2062false. To make his scheme appear legitimate, he even \u200bhijacked the \u2063corporate filings of \u2062other companies and created fake employees\u200d and accounts \u2062for\u2064 underwriters and banks.<\/p>\n<p>Watts managed to swindle victims out of\u200d approximately $5.2 million, which he shamelessly spent \u200con personal luxuries such as high-end cars,\u2062 luxury apartments, and extravagant goods. He also laundered\u2063 the stolen \u2062funds through unregistered corporations and used fake taxpayer identification numbers to cover his\u200d tracks.<\/p>\n<p>Furthermore, Watts evaded\u200d paying taxes on this illicit income \u2062by failing to file any tax returns for the years 2017 and 2018.<\/p>\n<\/blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/irvine-banker-sentenced-to-over-5-years-for-5-million-mortgage-scam-5520683?ea_src=author_manual&#038;ea_med=related_stories\">Irvine \u200cBanker Sentenced to Over\u200b 5 Years for $5 Million Mortgage Scam<\/a><\/h3>\n<p>10\/31\/2023<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/man-sentenced-15-to-life-in-californias-first-fentanyl-related-murder-case-5522887?ea_src=author_manual&#038;ea_med=related_stories\">Man\u200d Sentenced 15 to \u2064Life in California\u2019s First Fentanyl-Related Murder \u200dCase<\/a><\/h3>\n<p>11\/3\/2023<\/p>\n<\/li>\n<\/ul>\n<p> <\/p>\n<h2> What evidence did the prosecution present against\u2064 Watts during the trial?<\/h2>\n<p><span>  Rict Judge John Smith on Monday.<\/p>\n<p>The scheme orchestrated by Watts involved him enticing\u200c unsuspecting investors with promises of high returns on investments in \u2063various construction projects, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/westwood-man-sentenced-to-prison-for-5-million-bond-scam\/\" title=\"Westwood man jailed for M bond scam.\">including large-scale infrastructure developments<\/a>. Watts, seemingly\u2062 charismatic and persuasive, convinced his victims that he had access\u200b to\u2063 exclusive bonds that \u200dwould yield substantial profits.<\/p>\n<p>However, this elaborate scheme turned out to be nothing more \u200cthan a\u2062 smoke\u2063 screen, as Watts \u2063did not possess any genuine bonds or\u2064 connections to significant construction projects. Instead, he used the\u200d investments to fund his lavish lifestyle, squandering the hard-earned money of his trusting victims.<\/p>\n<p>The investigation into Watts&#8217; fraudulent activities began when several investors \u200buncovered discrepancies in the paperwork provided by\u2062 him. \u2064Authorities were alerted and commenced a thorough probe, unearthing a\u200b web of deception and lies. The \u200devidence accumulated against Watts was overwhelming, leaving\u2063 the prosecution with a \u2064strong case against him.<\/p>\n<p>At the trial, the prosecution presented numerous witnesses, including some of the victims who had \u2064lost significant \u200csums of money as a result of \u200bWatts&#8217; fraudulent scheme. Their testimonies painted a picture of heartbreak and \u2064financial ruin, highlighting the devastating impact of Watts&#8217; deceitful actions. The \u200ccourt also heard from financial experts, who shed light on how Watts\u2063 had manipulated funds and created a complex fa\u00e7ade to \u200csustain his fraud.<\/p>\n<p>Judge Smith, in delivering the sentencing, emphasized the severity of the crimes \u2063committed by Watts. He \u200backnowledged the devastating \u200cconsequences suffered by the victims, \u200bboth financially and emotionally. Judge \u200dSmith stressed the importance of deterring others from engaging in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-judge-rules-trump-liable-for-fraud-trump-this-is-democrat-political-lawfare\/\" title=\"NY Judge finds Trump guilty of fraud; Trump claims it's Democrat political lawfare.\">similar fraudulent activities<\/a> and\u200d sending a clear message that such behavior would not be tolerated in society.<\/p>\n<p>Watts&#8217; defense attorney argued for a more lenient sentence,\u2064 citing his client&#8217;s lack of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illegal-alien-arrested-for-violent-carjackings-shooting-16-year-old-boy\/\" title=\"Illegal Alien Arrested for Violent Carjackings, Shooting 16-Year-Old Boy\">prior criminal record<\/a> and his age. However, Judge Smith dismissed these arguments, stating that the significant amount of \u2062money involved and the deliberate nature of Watts&#8217; actions warranted a substantial sentence.<\/p>\n<p>In addition to the prison\u200c sentence, Judge \u200cSmith also \u200cordered Watts\u200c to pay restitution to the victims, although the chances of recovering \u200cthe entire amount seem slim. The judge expressed hope that the victims would \u2064find \u200dsolace in knowing that justice had been served, and urged them to seek assistance from support groups to help them rebuild their lives.<\/p>\n<p>This case serves as a reminder of the dangers posed by financial \u2062fraudsters and the importance\u200d of conducting due\u200c diligence \u200bwhen investing. It \u2062highlights the need for \u2063individuals to exercise caution and skepticism, even when dealing with \u2063seemingly reputable individuals or ventures. By remaining \u2064vigilant and \u2062informed, potential victims can protect\u200d themselves\u200d from falling prey to schemes such as the one perpetrated by Tommy Watts.<\/p>\n<p>As the justice system \u200chas demonstrated, perpetrators \u2062of such crimes will face severe consequences for their\u200d actions. Society relies on the law to\u2063 hold these individuals accountable \u200dand to provide\u2064 restitution to those affected. It is crucial for law enforcement \u200bagencies and regulatory bodies to remain\u200b proactive \u200cin detecting\u200d and prosecuting financial fraud, safeguarding the interests of the public.<\/p>\n<p>Ultimately, the sentencing of Tommy Watts brings closure to the victims who were taken advantage of by his \u200cfraudulent \u2064scheme. While it cannot fully\u200c compensate for\u200c their losses, it sends a clear message that justice prevails in the face of deceit and greed. It also serves as a \u200dwarning to potential\u200c fraudsters that their actions will not go\u200d unpunished.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Westwood man, Tommy Watts, was sentenced to nine years and two months in prison by U.S. District Judge Maame Ewusi-Mensah Frimpong. Watts defrauded victims of over $5 million by falsely selling bonds for construction projects. He was also ordered to pay nearly&#8230;<\/p>\n","protected":false},"author":410,"featured_media":2091109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2091108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2091108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/410"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2091108"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2091108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2091109"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2091108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2091108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2091108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}