i admit that, yes, i was searching "david cahall" on google images to get a good picture to use on this blog. but instead, i found something so, so much better.
Swindler sentenced to 5 years
Tuesday, January 10, 2006
THE COLUMBUS DISPATCH
David C. Cahall promised investors quick returns of 20 percent to 30 percent on the money they lent him.
David C. Cahall quietly said he was "sorry" and "remorseful" for duping investors ? many of them fellow members of his country club ? out of $1.86 million.
But Judge Everett H. Krueger, of Delaware County Common Pleas Court, said Cahall needs to pay a price for betraying people?s trust. Cahall, 38, pleaded guilty to one count of engaging in a pattern of corrupt activity. He was indicted on 21 counts involving at least five victims.
"Your actions are shameful," Krueger said.
The judge sentenced Cahall to five years in prison with credit for 311 days in jail and ordered him to pay $1.86 million in restitution to his victims and more than $10,000 in fines and court costs.
In the judge?s view, Cahall?s motivation was clear.
"You are a greedy man," Krueger said.
Cahall lived in the Highland Lakes subdivision in Westerville and was a member at the Lakes Golf & Country Club.
He ran his business from a Westerville office building, saying that he bought discounted clothing, which he sold for a profit to T.J.Maxx and Marshalls.
Cahall promised quick returns of 20 percent to 30 percent to investors if they lent him short-term money to buy the clothing.
A number of Cahall?s clients were recruited on the golf course.
Last January, Cahall?s scheme began to unravel when he bounced a check for $94,628.
Westerville police detective Ted Smith soon found that Cahall was running a Ponzi scheme, paying off earlier investors with money from later clients. Cahall also was pocketing money to fund his lavish lifestyle.
Bill Owen, assistant Delaware County prosecutor, said he will file the agreement showing how the money will be distributed to victims later. The victims will be named then. Smith said one who claimed to be a victim was left out of the distribution. He wouldn?t say why.
William Meeks, Cahall?s attorney, said that during 11 months in jail, his client has shown that he wants to make things right.
"His cooperation with prosecutors is nothing short of extraordinary," Meeks said yesterday.
Owen acknowledged that Cahall provided useful information about criminal activity in central Ohio.
Cahall agreed that he would pay back $1.86 million to five of his victims after he is free.
"I do intend when I get out to make full amends and restitution to the people in this case," he said.
Cahall brought undue stress to the lives of his victims, Krueger said.
Cahall also hurt his own family, the judge said. He is divorced and has a daughter who will turn 4 in February.
"I?d like to be there when you explain to your daughter what you did," Krueger said.
P.S. do you think the middle initial c. stands for 'corn'?