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Texas Man Accused Of Fraud Reeled In Former Cowboys Player, Other Clients With Fictional Ties To Goldman Sachs

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Are you a person who "likes to drink beer, drive fast cars, and get into more trouble than [you] should"? Do you have your eye on a Hummer, a lap dance and a six-pack but are running a little short on cash? Do you have a great idea to pitch people on a bunch of (fake) investments that include hedge funds, a fixed-income trading plan and movie distribution investment contracts but are worried that what with the lack of a prestigious university on your resume and your professional contacts only coming from your job as a telephone solicitor for a long-distance provider, people won't take you seriously, to say nothing of your goatee? Not to worry! Take a page from Christopher Love Blackwell's playabook and you could be looking at least $4 million for your beer fund.

A judge last week issued an emergency court order freezing the assets of Christopher Love Blackwell to halt what the Securities and Exchange Commission called an "ongoing offering fraud." The fraudulent investments included hedge funds and movie distribution investment contracts, federal officials say. A fixed-income trading plan, the agency says, was the most popular offering. "It was also a fiction," SEC investigators stated. Instead of purchasing or trading securities, the SEC says Blackwell used $720,000 of investors' money for such things as entertainment in gentlemen's clubs, child support, travel and a Hummer, Audi and other vehicles.

He is also accused of funneling more than $900,000 in cash to himself, relatives, friends and associates. He diverted investor funds to support his other questionable business activities, the government says. "Finally, Blackwell used more than $500,000 to make Ponzi payments -- i.e., he used new investors' funds to pay old investors," the SEC alleges. In a taped pitch to an undercover law enforcement agent posing as an investor, Blackwell promised risk-free returns of 25 to 30 percent per month "with regularity," the complaint says.

Blackwell falsely claimed academic degrees from prestigious universities, extensive experience as a trader and connections he acquired as an employee of Goldman Sachs and The Bank of Madrid. None of that is true, according to the agency. In reality, he had previously worked as a telephone solicitor for a long-distance provider and as seller of interests in a fraudulent oil and gas scheme, according to a federal affidavit.

Should investors get pissy, like the unnamed former Cowboys player did, when his promised returns didn't pan out and he got suspicious that the $250,000 he wired wasn't actually being used on a deal "involving the purchase and sale of jet fuel and an investment involving trading bank notes," just forge a letter that saying such is not the case. Same deal if they question whether or not you really worked at Goldman Sachs-- just photoshop yourself into a picture of Lloyd and his family on vacation and you're all good. Unfortunately at this time Blackwell is unavailable to comment and provide more tips but if you can find him at his father's house, where he's been living, he'll surely be happy to offer a few pointers.

SEC Accuses Man Of Illegally Raising $4 Million [Star Telegram]