title: “Liberian National Sentenced to 87 months in Prison for Gold and Diamond Ponzi Scheme: Defrauded Victims of $9.5 Million”
Cassell Anthony Kuoh, Known as “Tim Borrol,” Sentenced for Operating a Complex Ponzi Scheme
Cassell Anthony Kuoh, also known as “Tim Borrol,” was sentenced to 87 months in prison and ordered to pay $16.2 million in restitution for operating a Ponzi scheme involving gold and diamonds in Liberia. The sentencing was presided over by U.S. District Judge Robert J. Conrad, Jr., in Charlotte, North Carolina 1.
Phoenix Mining and Investment Group: A Fraudulent Business
Kuoh, who lived in Liberia and owned the Phoenix Mining and Investment Group (Phoenix Mining), was an “extremely sophisticated fraudster” who utilized Liberian government connections to lure victims into his investment scheme 1. Phoenix Mining purported to be in the precious metal and gemstone business and attracted victims by promising that their money would be used to buy, ship, and transfer gold and diamonds from Liberia to the US for refining or cutting and selling 1.
Complex Fraud: Meetings with Alleged Custodians and False Tracking Information
From June 2012 to December 2016, Kuoh orchestrated a complex fraud where he arranged meetings between potential investors and alleged custodians of gold. He even had armed personnel deliver gold bars for inspection. Kuoh provided victims with false tracking information on nonexistent shipments and used fraudulent documents to create the false impression that additional funds were required to obtain necessary approvals 1.
The Truth: No Gold or Diamonds Ever Arrived
No gold or diamonds ever arrived in the US 1. Instead, Kuoh used the investors’ funds for his personal expenses, including the purchase of a house and other extravagant expenditures 1.
Prosecution and Sentencing
Kuoh pleaded guilty to one count of conspiracy to commit wire fraud on March 8, 2017, and is currently in federal custody. He will be transferred to the custody of the Federal Bureau of Prisons upon designation of a federal facility 1. Co-defendant Emmanuel Tarr, 30, of Liberia, has also pleaded guilty to wire fraud conspiracy and is awaiting sentencing 1.
Investigation and Prosecution Team
The investigation was led by Homeland Security Investigations (HSI) 1. Assistant United States Attorney Corey Ellis, of the US Attorney’s Office in Charlotte, prosecuted the case 1.