Former Sheriff’s Deputy Sentenced in Ponzi Scheme Fraud
David N. Hawkins, a former sheriff’s deputy was sentenced to thirty months in federal prison for his role in a Ponzi scheme that raised more than $1.2 million from victims many of which were law enforcement personnel. Hawkins will also serve three years of supervised release upon completion of the sentence. Hawkins pleaded last year to one count of wire fraud and one count of money laundering.
Hawkins was hired by the El Paso Sheriff’s Office in 2001, and then became a sheriff’s deputy. Hawkins then enrolled in foreign currencies (“forex”) trading courses. In 2009, Hawkins claimed himself to be a sophisticated currency trader with years of success and consistent gains from forex trading. According to the FBI, Hawkins represented to potential investors that an investment in his PD Hawk Investment Fund would yield annual returns of over 100%. Hawkins raised more than $1 million from over 70 investors.
According to the FBI, Hawkins investments were never profitable and he was operating a Ponzi scheme, using investor funds to repay earlier investors and to make purported interest payments. Additionally, the SEC charges that Hawkins used the investor funds he recieved as his own personal piggy bank, purchasing multiple automobiles, paying personal expenses, and even buying two semi-professional indoor football franchises. Like his investments, the teams did not become operational, and authorities began investigating after Hawkins abruptly cancelled the 2012 season. According to the FBI, investor losses exceed $200,000.
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