Top execs of Dallas-area 'miracle' mineral water company admit to massive fraud
The sales pitch was intriguing and promising: bottled water infused with special minerals mined from “deep within the Earth’s surface” in a secret deposit that’s 80 million years old. The water was promoted as a “magical tonic” and a miracle remedy for HIV and cancer.
Organic compounds that gave the beverage its “rich, black color” provided the enormous health benefits, the company’s website said. Huge returns were promised. But the only profits that came from Addison-based EarthWater Ltd. were made by the owners and their cohorts, who pocketed millions of dollars from elderly investors for their own benefit, according to federal court records.
Two former top executives of the company have pleaded guilty to fraud and money laundering charges for their role in the multimillion-dollar investment scheme that involves 11 defendants, the U.S. attorney’s office said.
John Mervyn Price, the company’s former chief operating officer, pleaded guilty Thursday to one count of conspiracy to commit mail and wire fraud, 10 counts of mail fraud, 10 counts of wire fraud and one count of money laundering. Price, 64, of Dallas, is scheduled to be sentenced in October. His attorney could not be reached.
Read more: https://www.dallasnews.com/business/local-companies/2020/06/12/top-execs-of-dallas-miracle-mineral-water-company-admit-to-massive-fraud/
= new reply since forum marked as read
