A Stephenville businessman will spend more than 13 years in federal prison after prosecutors say he defrauded victims out of more than $2 million.
Federal Prosecutors say Clayton Lloyd Iley, 41, was sentenced to 160 months after pleading guilty to wire fraud and aggravated identity theft.
Prosecutors say Iley falsely claimed he could invest money in a “Bonded Note” loan program tied to the U.S. Department of Defense. Investigators say the program never existed. Instead, Iley used the money for personal expenses and to fund other parts of the scheme.
Authorities say he also took money from insurance customers and failed to purchase the policies he promised.
Investigators say Iley used victims’ personal information to open credit cards in their names and used the cards to pay expenses and purchase exotic cars.
As part of his plea agreement, Iley agreed to forfeit more than 90 exotic and collector vehicles, including Lamborghinis, Ferraris and Maserati cars. The vehicles will be sold to help pay restitution to victims.
