Villa Rica Man Indicted in $1.7 Million Fraud Scheme

A Villa Rica man has been arraigned on federal charges of wire fraud and money laundering, the U.S. Attorney’s Office in Atlanta announced.

The charges against James Thomas, 44, are connected to an alleged advance fee fraud scheme involving $1.7 million. Thomas was indicted by a federal grand jury on Sept. 15.

“This defendant is charged with operating a sophisticated advance fee scheme that took advantage of individuals and businesses who had limited options for financing real estate deals after the recession of 2008,” U.S. Attorney John Horn said in a news release. “This case shows that consumers and small businesses must be careful about those with whom they enter business relationships, and should research beyond the information on websites.”

Prosecutors said between 2008 and 2011, Thomas portrayed his firm, Trilateral Capital and Development LLC, as a reputable and well-established private equity company that had successfully loaned millions of dollars for real estate development projects. Trilateral’s website and marketing materials contained fraudulent misrepresentations about the firm’s past real estate deals.

Thomas also misrepresented Trilateral’s finances and on least one occasion e-mailed a fraudulent bank statement purporting to show that Trilateral had over $1.6 million in one account, prosecutors said.

Prosecutors said more than 20 individual and companies paid Thomas $1.7 million in advance fees for loans that never materialized.

The indictment alleges Thomas used the money to pay himself and employees, take vacations, fund other business ventures and make charitable contributions.