CPA Doug Richardson convicted in Federal Court Thursday

A federal jury convicted a Lebanon certified public accountant in a $7 million scheme to defraud his employer and clients.

46 year old Douglas A. Richardson, was found guilty of all 10 counts contained in an Aug. 16, 2018, federal indictment. Richardson was found guilty of six counts of wire fraud and four counts of money laundering.

Richardson, a certified public accountant, owned his own company, Douglas A. Richardson, CPA, LLC, since Feb. 2009. He was the former chief financial officer, treasurer, and CPA of Smart Prong Technologies, Inc., headquartered in Tulsa, Oklahoma, from Dec. 2013, to June 2016. Smart Prong developed technology, and manufactured devices for charging cell phones.

Richardson transferred at least $4.4 million from Smart Prong bank accounts into his personal and business bank accounts. Richardson also solicited loans from several clients and induced them to make investments. Richardson made representations to these clients that he knew were false, in that he told them their loans and investments would be used for a certain purpose. In reality, Richardson used at least part of the money for his personal benefit, and to pay other individuals including prior investors and others to whom he owed money.The jury in the U.S. District Court in Springfield, deliberated for approximately five hours before returning the guilty verdicts to U.S. District Judge M. Douglas Harpool, ending a trial that began Monday, Nov. 4. Under federal statutes, Richardson is subject to a sentence of up to 20 years in federal prison without parole for each of the wire fraud convictions and a sentence of up to 10 years in federal prison without parole for each of the money laundering convictions.

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