\u201cThis was not just fraud \u2014 it was a calculated con,\u201d Attorney General Kris Mayes said in the announcement. \u201cThis individual preyed on others\u2019 trust, stole over $1.5 million and thought they could get away with it. This verdict is a reminder that if you lie, cheat and steal from Arizonans, my office will find you and hold you accountable under the law.\u201d<\/p>\n
How did the Phoenix man defraud his victim?<\/p>\n
Hatley first approached his victim in early 2017 about wanting to do a photo shoot with the expensive car they were driving at the time.<\/p>\n
Following the interaction, Hatley befriended the victim by posing as a securities trader.<\/p>\n
According to the Arizona Attorney General\u2019s Office, Hatley claimed to be an experienced stock and currency trader that got clients \u201cbig returns\u201d on investments and in the past had worked for a large brokerage firm.<\/p>\n
In reality, Hatley had no license to sell financial products and had never worked for a brokerage firm.<\/p>\n
In July 2017, Hatley\u2019s victim gave him $35,000 to \u201cinvest\u201d in foreign currency trading. Two weeks later, Hatley returned $5,000 to the victim and claimed it was the profit from the investment.<\/p>\n
Believing they were making good returns on their money, the victim continued to give \u201cinvestments\u201d to Hatley for the next three months.<\/p>\n
The \u201cinvestments\u201d made included:<\/p>\n
- \n
- $1 million to invest in low-risk annuity<\/li>\n
- $250,000 for more foreign currency trading<\/li>\n
- A $300,000 loan to do a trading demonstration for other potential investors.<\/li>\n<\/ul>\n
Instead on investing the victim\u2019s money, Hatley spent it on himself.<\/p>\n
He purchased a Lamborghini Aventador for $290,000 and a $650,000 home for him and his wife in Gilbert. Hatley also paid off $60,000 in student loans.<\/p>\n
Hatley didn\u2019t report any of the extra income on his tax returns.<\/p>\n
In total, the victim gave Hatley more than $1.5 million and received less than $45,000.<\/p>\n
Hatley is scheduled to be sentenced Aug. 28.<\/p>\n
We want to hear from you.<\/p>\n
Have a story idea or tip? Pass it along to the KTAR News team here<\/a>.<\/p>\n
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