BOSTON - A Nashua, NH man was sentenced today in federal court in Boston for defrauding investors in a purported water resource company and laundering money obtained through various online fraud schemes.
Edmond P. LaFrance, 70, was sentenced by U.S. District Court Judge Indira Talwani to two years in prison to be followed by three years of supervised release, six months of which will be served in community confinement, restitution of $387,802 and forfeiture of $387,802. In March 2017, LaFrance pleaded guilty to two counts of wire fraud and three counts of money laundering.
From 2012 to 2013, LaFrance solicited investments and loans for a shell company he created, Natural Waters, that fraudulently claimed to buy and sell mineral water in bulk. In fact, there were no mineral water sales and a large portion of the investor money LaFrance received was directed to his own uses or transferred to co-conspirators. In 2015, LaFrance laundered money for various online fraud schemes being perpetrated by individuals located primarily outside of the United States. LaFrance accepted hundreds of thousands of dollars from victims he did not know, and with whom he had no business relationship, and wired the money to third parties whose true identities were concealed from the victims.
In 1990, LaFrance was convicted in federal court of structuring currency transactions, making false statements and conspiring to defraud the United States. In 2007, he was convicted of wire fraud and making false statements.
Acting United States Attorney William D. Weinreb and Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement today. Assistant U.S. Attorney Stephen P. Heymann of Weinreb’s Economic Crimes Unit prosecuted the case.
Source: U.S. Department of Justice, Federal Bureau of Investigation (FBI)
