A federal jury convicted two individuals of wire fraud and conspiracy to commit money laundering in a cattle Ponzi scheme.
Reva Joyce Stachniw of Galesburg, IL, and Ron Throgmartin of Buford, GA, ran a Ponzi scheme from late 2017 until early 2019. Based on false promises, the two told investors that investment money would be used for legitimate business activities related to cattle or marijuana without having the investment money linked to specific investment opportunities.
Stachniw and Throgmartin were convicted on one count of conspiracy to commit wire fraud, five counts of wire fraud and one count of conspiracy to commit money laundering. They are scheduled to be sentenced on Jan. 6, 2023, and face a maximum penalty of 20 years in prison on each of the wire fraud counts and the conspiracy to commit wire fraud count, as well as 10 years in prison on the conspiracy to commit money laundering count.
