Patrick Ayson Arrested In Connection With Alleged $3.3 Million Wire Fraud Scheme
SAN FRANCISCO - Patrick Ayson was indicted on charges related to an alleged $3.3 million investment fraud scheme, announced United States Attorney Alex G. Tse and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. In an indictment filed yesterday and unsealed this morning, a federal grand jury charged Ayson with inducing investors to hand over money based on false promises that the funds would be used to purchase tickets for special events that would then be resold for a profit.
According to the indictment, between June of 2015 and November of 2017, Ayson, 32, formerly of San Francisco, induced at least 15 potential investors from California, New York, and Washington State, to provide millions of dollars in funds on the promise that their investment would result in profits ranging from 10% to 35%. Ayson misrepresented that he would purchase tickets to sporting events, plays, and concerts at discounted prices and that he would then resell the tickets for a profit to investors. In reality, Ayson spent most of the funds on personal purchases, such as rent, and on extravagant expenditures such as gambling, travel, and shopping at Louis Vuitton. In total, Ayson is alleged to have defrauded investors of at least $3.3 million.
The indictment charges Ayson with six counts of wire fraud, in violation of 18 U.S.C. § 1343. He was arrested this morning in San Francisco and made his initial appearance before Sallie Kim, United States Magistrate Judge. Ayson’s next appearance is scheduled for Dec. 20, 2018, before Magistrate Judge Kim for issues related to pretrial detention or release.
An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendant faces a maximum sentence of 20 years in prison on each count in the indictment. In addition, the court also may order an additional term of supervised release, fines or other assessments, and restitution, if appropriate. However, any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.
Assistant U.S. Attorney Neal C. Hong is prosecuting this case with the assistance of Margoth Turcios. This prosecution is the result of an investigation by the Federal Bureau of Investigation.
Source: U.S. Department of Justice, Office of the United States Attorneys
