CHARLOTTE, N.C. – Acting U.S. Attorney William T. Stetzer announced that a Utah man was sentenced to 42 months in prison for orchestrating an investment scheme involving a start-up mining and precious metals company. Andrew Malcolm Lovett, 60, and a former resident of Cornelius, N.C., also was ordered to serve two years under court supervision after he is released from prison and to pay more than $820,000 as restitution. U.S. District Judge Kenneth D. Bell handed down Lovett’s sentence.

Mona Passmore, Acting Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division, Charlotte Field Office (IRS-CI), Robert R. Wells, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Tommy D. Coke, Inspector in Charge of the Atlanta Division of the U.S. Postal Inspection Service, which oversees Charlotte, join Acting U.S. Attorney Stetzer in making today’s announcement.

According to court documents and today’s sentencing hearing, from 2014 to 2016, Lovett defrauded more than 30 victims out of nearly $850,000 by convincing them to invest in a start-up mining and precious metals company, Safari Minerals, Inc. (Safari), and other entities with which Lovett was affiliated, by falsely telling them their money would be used to grow Safari and to develop various purported mining projects. Among other things, Lovett described Safari to his investors as “an emerging junior exploration and mining company” that…

Read more…