LOUISVILLE, Ky. (WDRB) — A Shepherdsville, Kentucky, man is headed back to prison in connection with a multimillion-dollar fraud scheme.
Stacy Taylor, 59, was sentenced to nine years in federal prison for wire fraud and spending illicit funds. Prosecutors said Taylor and others ran an international investment scam.
Taylor and his co-conspirators defrauded more than 40 people who put their money into a "private trading platform" that promised big returns.
Investigators said the scheme pulled in more than $23.6 million. Most victims lost their entire investments.
Taylor pleaded guilty to all seven charges and was ordered to pay restitution. He was previously sentenced to three years in prison in a separate case involving federal fraud and drug crimes tied to an online pharmacy.
"Taylor is a repeat offender engaged in complex fraud, causing significant harm to dozens of victims," said United States Attorney Kyle Bumgarner in a news release. "A dedicated team of agents from FBI and IRS-CI worked together tirelessly over the course of years to bring justice to the fraud victims in this case. Taylor's significant prison sentence will help protect others who might have fallen prey to this fraud scheme and, hopefully, sends a strong deterrent message to other fraudsters to stop or they will certainly find themselves in a cell next to Taylor."
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