$30M Fraud Aided By Phony Contract, Witness Says

Law360, Chicago (September 17, 2013, 5:17 PM ET) -- A key witness testified in Illinois federal court Tuesday against a man accused of bilking investors out of $30 million, claiming the defendant reassured victims with tall tales about a contract with Caterpillar Inc. that would turn his fledgling telecommunications company into a $1 billion enterprise.

James Jedynak is facing five counts of wire fraud for allegedly duping 70 investors into buying shares in a sham voice-over-Internet telecommunications business, Santa Monica-based Unified Worldwide Transport LLC, where he served as senior vice president. He and a co-conspirator,...
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