AmeriFirst Owner Convicted Of $50M Investment Scheme

Law360, New York (December 22, 2011, 2:42 PM EST) -- The former owner of defunct securities company AmeriFirst Funding Corp. was found guilty in Dallas Wednesday of bilking more than 500 investors, mainly retirees in Texas and Florida, out of more than $50 million.

Following a week-long trial, Dennis Woods Bowden, 58, was convicted on five counts of mail fraud and four counts of securities fraud. He faces up to 20 years in prison and a $250,000 fine for each count. Sentencing is set for April.

Bowden, as owner of AmeriFirst Funding and AmeriFirst Acceptance Corp.,...
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