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LI Man who Bilked Investors of $1M Sentenced

LI Man who Bilked Investors of $1M Sentenced

Brooklyn, NY - (WALK) A Long Island man who cheated investors out of $1 million in a foreign currency scam, and then fled to Canada, could spend more than 17 years behind bars after his sentencing in New York Friday.

Thomas Qualls, 45, is formerly of Bellmore and Long Beach, was convicted in absential in 2008 on charges of defrauding investors in his Garden City-based company International Foreign Currency, Inc.  Prosecutors say Qualls used investor's money to for personal pleasures, including for a cruise in the Caribbean, pet care and for payments on an English luxury car.

Qualls was arrested in Montreal, Canada, in 2009 and extradited to the U.S. in 2012. 

Qualls was sentenced Friday at federal court in Brooklyn.  A U.S. Distric Judge ruled Qualls must serve 150 months for fraud, serve 60 months for jumping bail and to pay restitution of $817,000.

Photo: ProjectManhattan

 

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