Mont Belvieu Man Sentenced to 10 Years in Federal Prison for Meme' Stock Ponzi-Scheme

Mont Belvieu man sentenced to 10 years in federal prison for meme' stock Ponzi-scheme

Carl Channing Spence pled guilty Jan. 30 to operating “AEI Financial” out of his Mont Belvieu residence from January 2022 through August 2023.

Meme stock Ponzi schemer gets 10 years

The operator of a purported “meme stock” Ponzi scheme in the U.S. has been sentenced to prison on wire fraud charges. In January, Carl Channing Spence pled guilty to charges arising from his operation of AEI Financial, between January 2022 and August 2023, which solicited investors by allegedly promising returns from trading so-called “meme stocks.” U.S. authorities alleged that Spence diverted investors’ funds for his own use, and paid returns …