A Rhode Island securities dealer was sentenced to 46 months in prison Wednesday for running a phony investment scheme that bilked more than 100 people in six states, including Utah, out of more than $1 million.
Edward Dockray, 49, of North Providence, was also ordered to pay $100,000 restitution to his victims over a three-year supervised period that will begin once he gets out of jail.The sentence was handed down by U.S. District Judge Ronald Lagueux, who said he wanted to both punish Dockray and make "an example" of him. The judge allowed Dockray to remain free on $50,000 personal recognizance pending appeal.
Assistant U.S. Attorney Seymour Posner said the scam was the largest investor fraud ever prosecuted in Rhode Island and was so "attractive" that salesmen Dockray and the partner he solicited to perpetrate it were fooled into investing.
According to Posner, Dockray and partner Raymond Pollard, 40, of Houston, formed a company called Independent Leasing Corp. that promised investors would double their money in four years if they put up at least $5,000 into electronic "white board" rentals.