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Published on Wednesday, October 08, 2008
By LA Daily News Staff Writer
An Arizona man faces up to 15 years in prison after being convicted of defrauding Antelope Valley investors and others through a classic Ponzi scheme in which money from new investors was used to pay off older ones.
Authorities charged that 47-year-old Phoebus Vincent Smith used his "Christian faith" to gain the confidence of the victims.
"He made pitches at churches and church groups," said Deputy District Attorney James Belna.
A Los Angeles Superior Court jury convicted Smith on Tuesday of 25 counts of grand theft, sale of unqualified securities, using false statements in the sale of securities, and using a device or scheme to defraud.
The victims were said to number in the hundreds with losses totaling more than $2 million.
Smith's attorney declined to comment on the case.
The defense had argued during the trial that Smith had a real estate venture that he was hoping to successfully complete and use the proceeds from that to pay off investors, Belna said
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