PORTLAND, Ore. (AP) — A Portland-area vacuum cleaner salesman has been convicted of multiple charges in what prosecutors say was a scheme to defraud investors and banks of millions of dollars.
Federal jurors on Wednesday found 56-year-old Johnny Brown guilty of seven counts of wire fraud, six counts of making a false statement to U.S. Bank and one charge of evading income taxes.
Prosecutors contend he set up a Ponzi scheme from 2001 to 2003 that netted him about $5 million from 114 investors’ credit cards. U.S. Bank was saddled with $4 million in losses.
Judge Garr King set sentencing for Sept. 12.
Defense lawyer Matt Schindler tells The Oregonian he thinks there are grounds to appeal. And he adds, “We’re a long way from done.”
