MILWAUKEE, Wis. (WFRV) – Officials say a federal grand jury in Milwaukee convicted two Chicago adults of running illegal multimillion-dollar pyramid schemes in several states.
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38-year-old Candice Cunningham and 53-year-old Joseph Johnson Jr., both from Chicago, ran illegal pyramid schemes in at least four states, causing victims to lose several million dollars.
Special Agent in Charge Alan Karr of the FBI Milwaukee Field Office said via the release that the losses resulted in financial and emotional devastation to victims.
Cunningham and Johnson Jr. operated the pyramid schemes that they advertised to victims under numerous names, alleging a return on investments, with marketing materials claiming victims would receive payments from other participants if they invested money.
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Victims were also told they’d be guaranteed a full refund if they didn’t receive any payments, which didn’t happen, and it led Cunningham, Johnson Jr. and a few others to generate about $5 million as a result.
The two will be sentenced on June 23.
