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Moberly businessman gets fine, prison for fraud

Wednesday, September 29, 2004 | 12:00 a.m. CDT; updated 10:25 p.m. CDT, Friday, July 11, 2008

ST. LOUIS — A mid-Missouri businessman was sentenced to a year and nine months in prison Tuesday for defrauding customers, U.S. Attorney James Martin said.

Floyd Riley, 56, of Moberly, also was ordered to pay restitution of $350,000 to 11 individuals and businesses.

Riley pleaded guilty in June to federal charges of wire fraud, money laundering and transporting stolen property in interstate commerce.

Riley was indicted twice last year by a federal grand jury, stemming from the operation of Global Intermark Inc. and TransWorld Equipment Sales Inc. Riley purchased and sold used heavy equipment through both businesses. Martin said he identified victims in the fraud scheme through telemarketing activities.

From 1997 through 2003, Riley defrauded customers by making false representations about the availability of heavy equipment for purchase and also lied about the condition of the equipment.

Riley also defrauded customers who were selling equipment by giving them insufficient funds checks, or by stopping payment on checks that he used to pay for the equipment.


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