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Defendant Pleads Guilty to $750,000 Investment Scam
United States Attorney Mary Beth Buchanan announced today, May 29, 2009, that Eric R. Long, a resident of Erie, Pennsylvania, pleaded guilty in federal court to charges of mail fraud and wire fraud.
Long, age 39, pleaded guilty to twenty five counts before United States District Judge Sean J. McLaughlin.
In connection with the guilty plea, Assistant United States Attorney Christian A. Trabold advised the court that Long induced numerous people to invest approximately $750,000 in his company, Shepherd Networks Inc., with false promises of huge returns. Long also repeatedly lied to investors about the company's business ventures and prospects for success. Most of the victim investors reside in St. Marys, Pennsylvania.
Judge McLaughlin scheduled sentencing for August 27, 2009 at 10:00 a.m. The law provides for a total sentence of 500 years in prison, a fine of $6,250,000, or both. Under the Federal Sentencing Guidelines, the actual sentence imposed is based upon the seriousness of the offenses and the criminal history, if any, of the defendant.
The Federal Bureau of Investigation and the City of St. Marys Police Department conducted the investigation that led to the prosecution of Long.
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