Virginia Beach investment company owner facing federal charges for $20 million fraud scheme (The Virginia-Pilot)
Federal prosecutors charged investment broker and financial radio show host Daryl Gene Bank with defrauding investors out of $21 million under the guise of purchasing franchises of dental offices which never opened, according to The Virginia-Pilot. Bank, along with his director of operations and part owner of their investment group, Raeann Gibson, are accused of lying to around 300 investors and funneling the money into accounts under Bank’s ownership or paid to early investors to feign a solid investment. Bank was accused of using investor funds to buy diamonds and pay personal debts. Both men have been charged with conspiracy to commit mail and wire fraud, and taking part in unlawful monetary transactions.