Louisiana Woman Faces up to 20 Years in Prison for Fake Investment Scheme

Published January 5, 2022

Louisiana – U.S. Attorney Duane A. Evans announced that Ritchel Morehead, age 40, a resident of Covington, Louisiana, was convicted of wire fraud in connection with a fake investment scheme.

Morehead was charged with wire fraud from December 2018 to February 2019 in a superseding bill of information filed by the government. According to court documents, Morehead defrauded six victims by embezzling a total of $460,000 that was supposed to cover fees, costs, and down payments for multi-million-dollar loans, but Morehead instead spent the money on personal items like jewelry and a vehicle and transferred cash to accounts overseas. Morehead pled guilty as charged to the superseding bill of information and agreed to pay $460,000 in restitution to the victims of her scam under the terms of the plea deal. Morehead has already had $190,784.90 in cash and assets seized by the government.

Morehead could face a sentence of up to twenty years in prison, three years of supervised release, a fine of up to $250,000, or twice the gross gain or loss to any victims, and a $100 obligatory special assessment charge.

The Honorable Martin L. C. Feldman set Morehead’s sentencing for April 6, 2022.

U.S. Attorney Evans praised the work of Homeland Security Investigations and the United States Secret Service. Assistant United States Attorney Nicholas D. Moses is in charge of the prosecution.