By Monica Land
JACKSON – A Madison man and his wife are scheduled to go to trial in April for allegedly defrauding two Norwegian investors of $25,000. Demetrius Mathis, 49, and Jacqueline Mathis, 45, have been arraigned on a federal indictment charging Demetrius with two counts of federal wire fraud, and charging both Demetrius and Jacqueline with one count of money laundering.
The indictment alleges that, from May 2009 through August 2009, Demetrius Mathis carried out a scheme to defraud two individuals from Norway relating to a real estate investment purchase from a company owned and operated by Demetrius and Jacqueline named Cash Flow Investments Services, LLC.
The Norwegians wired Demetrius approximately $25,000 expecting that he would apply that money toward the purchase on an apartment complex in Arkansas. Federal officials said Demetrius represented that he would use the money for that purpose, but he and his wife instead spent theat money for their own personal use to the detriment of the Norwegian real estate investors.
The couple also allegedly offered false assurances to the investors as to the status of their $25,000 investment.
As a result, the couple may lose their home and anything else related to the charges, WLBT reported.
U.S. Attorney John Dowdy and FBI Special Agent in Charge Daniel McMullen said the case has been set for trial on April 2 before U.S. District Judge Henry T. Wingate.
If convicted on all counts of the indictment, Demetrius faces a maximum penalty of 70 years in federal prison. While his wife, Jacqueline, if convicted on count three of the indictment, faces a maximum penalty of 10 years in federal prison.
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