Former Trucking Owner Charged in $105M Investment Fraud Scheme
Federal prosecutors have charged former trucking business owner Kristopher Lunsford in an alleged $105 million semi-truck investment fraud scheme that targeted more than 500 investors, according to court filings and federal authorities.
Investors Promised Truck-Leasing Returns
Lunsford, 46, of Henderson, Nevada, faces six counts of wire fraud and two counts of money laundering. Prosecutors allege that he solicited investments through a truck-leasing operation, promising participants regular payments tied to the ownership and operation of commercial trucks.
Authorities allege the business did not generate sufficient profits to support the promised returns. Instead, approximately $75 million from newer investors was used to pay earlier participants, a structure prosecutors characterize as a Ponzi-style scheme.
Funds Allegedly Used for Personal Spending
The indictment alleges that more than $25 million was diverted for Lunsford’s personal benefit. The spending allegedly included real estate, sports cars, jewelry, luxury goods, private charters, and expenses at resorts, casinos and nightclubs.
Prosecutors also are seeking forfeiture of assets connected to the alleged fraud and money-laundering activity.
SEC Also Filed Settled Charges
The U.S. Securities and Exchange Commission separately filed settled charges involving Lunsford and companies identified as AKL Transport LLC and Southern Truck Leasing LLC. The SEC allegations involve the sale of truck-leasing investment contracts to investors.
The criminal charges are allegations, and Lunsford is presumed innocent unless proven guilty in court.
