FBI Hunts Ponzi Scheme Victims: Johnson Brothers Scam

0:00It's April 15th. This is El Paso News today, your AI-powered local news. FBI agents in El Paso are on the hunt for more victims of a Ponzi scheme run by Timothy Frans Johnson, who posed as an NBA promoter. This guy pleaded guilty to seven counts of wire fraud after scamming investors from 2009 to 2020. He pocketed over $3 million from at least 30 people through his companies like Shootnoss Two Sports and Bolo Entertainment. The scheme worked by promising big returns on NBA preseason game promotions, but the cash is when to pay off early investors or his personal. Spending. Johnson's still out on bond waiting for sentencing on July 29th, where he could face up to 20 years per count. He's the estranged brother of El Paso Mayor Renard Johnson, but the mayor's got no ties to this mess and has stepped way back. Victims are reeling from the losses and folks are talking about how these family connections complicate local trust.

1:00Now the FBI set up a simple online form at FBI.gov slash Johnson investment for anyone who got hit or knows details. They're legally required to track down victims for possible restitution, services, and rights, and they'll keep names confidential. If you or someone you know might have been targeted, hit that form. It could unlock some justice while the feds wrap this up. Be sharp out there.