A Newport Beach man was found guilty Tuesday by a federal jury for his role in a scheme aimed at defrauding wealthy investors, according to the U.S. Department of Justice.
William J. Ferry, 70, along with Dennis J. Clinton, 64, of San Diego were found guilty in U.S. District Court in Santa Ana of attempting to defraud a wealthy investor of $1 billion.
Ferry acted as an underwriter in the scheme, according to a statement from the DOJ.
In reality, the investor was part of an undercover FBI sting operation.
Evidence at trial found that from February 2006 to December 2006, Ferry was involved in a fraud scheme that promised a high return at little to no risk, according to the DOJ statement.
