Two individuals, Stephen Wall, 65, and Saskya Bedoya, 42, are facing charges for their alleged involvement in a scheme that defrauded Chinese investors of over $26 million, according to an announcement by U.S. Attorney for the Northern District of Texas, Leigha Simonton.
The charges, including one count of conspiracy to commit wire fraud and one count of securities fraud, were filed in a superseding indictment this week. Wall and Bedoya are set to appear before U.S. Magistrate Judge Rebecca Rutherford on December 22, 2023.
The indictment outlines that Wall and Bedoya, in collaboration with Timothy Lynch Barton, marketed real estate investment opportunities in Texas to Chinese investors. Presentations allegedly featured Barton's claimed ties to U.S. politicians, and Wall was presented as a builder involved in purchasing lots for future home construction.
Investors were promised annual interest payments for two years, with the return of their initial investment at the end of the second year. The indictment alleges that investors contributed 80 percent of the project funds, with Barton and Wall providing the remaining 20 percent. Contrary to representations, the indictment claims that commissions were paid out of investor funds, and some funds were diverted to unrelated projects.
Loan agreements purportedly inflated the cost of properties by up to 195 percent, with some properties allegedly never purchased. Early investors were reportedly paid interest from funds collected in later projects.
If convicted, Wall and Bedoya each face up to 20 years in federal prison for conspiracy to commit wire fraud and up to 20 years for securities fraud. The indictment emphasizes that it is an allegation of criminal conduct, and the defendants are presumed innocent unless proven guilty in court.
Two other defendants, Mark Adams and Haoqiang Fu (aka Michael Fu), have previously pleaded guilty in connection with the scheme. Adams pleaded guilty in September 2022 to conspiracy to commit wire fraud, while Fu pleaded guilty in October 2022 to the sale of unregistered securities. Both are scheduled to be sentenced on February 21, 2024, and face up to five years in federal prison. The investigation was conducted by the Federal Bureau of Investigation's Dallas Field Office.
