Orlando Man Gets Seven Years In Jail For Bilking Elderly Victims Of $789,000

Orlando Man Gets Seven Years In Jail For Bilking Elderly Victims Of $789,000

Asheville, NC – United States District Judge Martin Reidinger sentenced Orlando-based Terry Scott Hyder, 51, to federal imprisonment of seven years after Hyder pled guilty to charges of

Terry Scott Hyder

Terry Scott Hyder, courtesy of Marion Cty Sheriff's Office

wire fraud, according to a joint announcement by U.S. Attorney Anne M Tompkins and  Special Agent in Charge of the FBI, Chris Briese.  The defendant was also ordered to pay restitution of $789,649 and sentenced to three years of supervised release.

Hyder was charged with one count of wire fraud under a federal criminal indictment filed in October 2010, to which he pled guilty in February 2011.

Between June 2007 and July 2010 Hyder engaged in an investment scam that defrauded elderly persons who resided in Polk County, North Carolina, and Orlando, Florida, of their savings, according to court documents and proceedings.  Hyder set up Sterling and Stratford, LLC (Sterling), a limited company incorporated in Florida State, as a vehicle for carrying out the fraud, according to court documents.  Nine investors entrusted their savings of $789,000 to him based on false representations by Hyder that Sterling was a genuine organization generating high returns on short-period investments through multiple avenues, court documents show.

Hyder contacted his victims at church functions and Alzheimer’s support groups, according to court documents.  He gave them the impression that their money was invested in “real estate trusts” set up by Hyder in their names.  Hyder created trust documents that recorded the amount of the victim’s investment and the rate of return allegedly payable.  The victims were also provided with fabricated account statements that purportedly showed the earnings accrued on the investments, as per court documents.

In truth, however, Hyder never invested any of the monies he bilked from the investors, and no income accrued to the victims of the scam.  As per court documents, Hyder utilized the money for his personal ends and did not invest any of it on behalf of the victims.

Hyder was arrested in August 2010, and has since been held in local federal custody.  He will serve his sentence, without parole, upon transfer to the Federal Bureau of Prisons.

The FBI handled the investigation of this case.  It was prosecuted by Assistant U.S. Attorney Corey Ellis, Asheville.

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