Louisiana man accused of bilking investors
MONROE, La. — A Monroe, La., man is accused of scamming nearly $1.2 million from at least 181 investors in eight states, including Mississippi.
A grand jury in Monroe charged Silas J. Mayeux, 57, Dec. 9 with racketeering, felony theft and two securities laws violations, said Louisiana Attorney General Buddy Caldwell.
Mayeux allegedly used more than $305,000 in investments on vehicles, a boat, a water scooter, home improvements, personal investments and payments on a Las Vegas credit line, he said.
Caldwell said 181 people bought one or more $1,000 shares in Mayeux’s United Roadside and Lube — 154 of them Louisiana residents and the others in Arkansas, Mississippi, Texas, Arizona, Florida, North Carolina and Tennessee.
Mayeux began recruiting investors in 2006, saying his company would provide a customer roadside assistance program and customer engine warranties for lube centers, car dealerships, and financial institutions, Caldwell said.
Mayeux told investors the company was insured, but he is a felon and therefore could not get some of the contracts he claimed, Caldwell said.
His spokeswoman, Amanda Larkin, said Mayeux had an extensive criminal record dating back to 1973, including convictions for counterfeiting, theft and burglary. She said he served time in the Louisiana State Penitentiary at Angola and in federal prison.
Caldwell said that after Mayeux resigned from URL in 2007, the board of directors learned that he had taken more than $305,000 for himself.
If convicted, Mayeux faces a possible sentence of up to 50 years at hard labor.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Molpus closes Fund after more than $662M in commitments
- Realtors chooses Nita Wingard
- DeSoto County Supervisor Lee dies in ATV accident on his birthday
- No debate, but Cochran and Childers lobby for votes for Senate
- Entergy agrees to cut $35M from its new rate plan
- Politics of paying for transportation: Hand wringing and a lot of talk
- MSU reminding fans that drones are prohibited at football games
- Kemper County plant will cost at least another $496M to complete
- Ford Foundation gives to UM for new science building