Terrence Chalk, also known as "Dr. Cash," has been sentenced to three years in prison for investment adviser fraud. The announcement was made by Jay Clayton, the United States Attorney for the Southern District of New York. Chalk had previously pled guilty on May 7, 2024, before U.S. District Judge Andrew L. Carter, Jr., who delivered the sentence.
U.S. Attorney Jay Clayton stated, "Defrauding retirees, using the common bond of faith to build trust, is a horrible crime, one that disturbs all New Yorkers." He emphasized the commitment of his office and law enforcement partners to bring fraudsters exploiting shared ethnic or religious backgrounds to justice.
According to court documents and public filings, Chalk began marketing an investment fund in 2017 under the alias "Terrence Cash" or "Doctor Cash." This was done to avoid revealing his past conviction in 2006 for multiple fraud offenses. His website promoted him as “the nation’s No. 1 business, money, and wealth coach,” offering money management sessions promising insights into wealth secrets.
Chalk targeted elderly investors through seminars primarily held at Black churches where he presented himself as a man of faith aiming to assist fellow Christians. Initially, victims received their promised payments from what was called the “Chairman’s Fund.” However, by late 2019 payments ceased and when confronted by investors Chalk falsely claimed they had agreed not to withdraw funds for ten years.
In total, approximately 26 individuals invested around $4.8 million with none used as promised but instead directed towards other entities controlled by Chalk or his personal expenses such as credit card bills and luxury items like NBA season tickets and a BMW.
Beyond imprisonment, Chalk has been sentenced to three years of supervised release with restitution yet to be determined.
Jay Clayton praised the Federal Bureau of Investigation's work on this case and acknowledged the U.S. Securities and Exchange Commission's involvement through a parallel civil action.
The case falls under the Office’s Securities and Commodities Fraud Task Force with Assistant U.S. Attorney Adam S. Hobson leading prosecution efforts.
