Alleged fraud artist leaves Panama for trial in United States

Another alleged  fraud artist  previously wandering free in Panama, has been deported to face trial in the United States.

A press release issued in California by  US  government attorney Benjamin B. Wagner, announced that Joseph Randall Medcalf, 55, formerly of Clovis, was deported from  Panama to the United States  a few days after being arrested late in Panama on  March 24, 2011. Medcalf was actively engaged in a business operation in Panama.

A  federal grand jury in Fresno indicted Medcalf  for defrauding investors of $3.2 million.

 According to the indictment, from May 2002 to October 2007, Medcalf, a financial advisor, defrauded his clients by encouraging them to invest in bogus investment opportunities, primarily two that he had formed himself: All Valley Holdings LLC and CenCal Value Investments LLC. The indictment alleges that Medcalf did not invest the clients’ money as promised but used it for his own personal expenses and enjoyment.

 Inn October 2007, Medcalf filed for personal bankruptcy in order to discharge his debts related to this scheme. According to the indictment, he fled the United States in 2008.

 Wagner said: “You can run, but you can’t hide. International cooperation in the pursuit of fugitives is essential as we combat complex financial crimes … My office is grateful to the authorities in Panama for their assistance in this matter.”

If convicted, Medcalf faces the maximum statutory penalties for the mail and wire fraud counts of 20 years in prison and a $250,000 fine.

 This law enforcement action is part of the work being done by President Barack Obama’s Financial Fraud Enforcement Task Force established  to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes says the release.

 The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources.

Based on recent reports they could well be casting their nets in Panama, wich a recent contributor to Newsroom described as a hot bed of con men (and women).