United States v. Gary Van Waeyenberghe

ILANA DIAMOND ROVNER, Circuit Judge.

Despite the promising name — First Choice Investment Capital — First Choice should not have been the first choice for any investor. This is because it was a fraud. Set up to market earned automobile receivables (EARs) as an investment opportunity that would return 11% interest on a monthly basis, the program flourished at collecting investors’ money. It did not, however, do so well at returning it. Consequently, Gary Van Waeyenberghe, the mastermind behind First Choice and at least one other investment “opportunity,” was charged in a 54-count indictment…