FORT WORTH, Texas. A Stephenville businessman has pleaded guilty to federal wire fraud and aggravated identity theft charges after prosecutors said he orchestrated a years-long scheme that defrauded victims of more than $2 million through a fake investment program, stolen identities and fraudulent insurance practices.
Clayton Lloyd Iley, 41, pleaded guilty June 17 in the Northern District of Texas to one count of wire fraud and one count of aggravated identity theft.
According to federal prosecutors, Iley operated Clayton Texas Legacy Insurance Group LLC in Cross Plains, where he sold home, auto, life, health, farm and ranch, and commercial insurance policies. Between January 2020 and May 2026, investigators said he also used Texas Legacy Holdings and Enterprises LLC and Spartan Global Security LLC, doing business as Black Eagle PMC, to carry out the fraud.
Court records allege Iley falsely told investors they could participate in a "Bonded Note" loan program supposedly offered by the U.S. Department of Defense to private military contractors. Prosecutors said no such program existed.
Authorities said Iley collected more than $2 million through the fraudulent investment scheme and used the money to pay personal expenses and further the operation.
Prosecutors also allege Iley accepted insurance premium payments from clients while falsely claiming policies would be issued on their behalf. Instead, investigators said he kept the money, failed to obtain the requested insurance coverage and used the funds for personal expenses.
In addition, court records state that Iley used customers' personal identifying information to fraudulently obtain credit cards without their knowledge. Investigators allege he used those credit cards to deposit funds into Spartan Global bank accounts while portraying the transactions as legitimate business revenue and charging personal expenses, including vehicle purchases.
As part of his plea agreement, Iley agreed to forfeit more than 90 exotic and collector vehicles that prosecutors say were purchased with proceeds from the fraud scheme.
Federal authorities have already seized numerous vehicles that will be sold to provide restitution to victims, including:
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2012 Lamborghini Aventador
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2015 Lamborghini Huracán
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2016 Ferrari 488
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2018 Ferrari 488
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2006 Dodge Viper
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2014 Dodge Viper
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2021 Porsche Taycan
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2022 Maserati MC20 (two vehicles)
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2022 Maserati Coupe
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2016 Mercedes-Benz AMG Coupe
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2024 Dodge Ram
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Several classic muscle cars, including a 1968 Pontiac Firebird, 1969 Chevrolet Camaro, 1973 Plymouth Coupe, 1974 Chevrolet Camaro and 1979 Pontiac Trans Am
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Military vehicles, including a 1989 Humvee, a 1990 BMY M923A and a 1993 AM General M923
"My office will not stand by and allow criminals to scam Americans out of their hard-earned money without consequence," U.S. Attorney Ryan Raybould said. "Fraud doesn't just harm an individual. It disrupts families and communities across all 100 counties of the Northern District of Texas."
FBI Dallas Special Agent in Charge R. Joseph Rothrock said the case demonstrates the lengths fraudsters will go to exploit victims and reaffirmed the agency's commitment to investigating financial crimes.
Iley is scheduled to be sentenced Oct. 1 before U.S. District Judge Mark T. Pittman. He faces up to 20 years in federal prison on the wire fraud conviction, along with a mandatory consecutive two-year prison sentence for aggravated identity theft.
The FBI's Fort Worth Resident Agency, Texas Rangers, Texas Department of Public Safety and Stephenville Police Department investigated the case.
