TV Station Schemer Colin A. Chisholm III has been sentenced to four years in prison and $2.1 million in restitution for stealing more than $2 million from investors. According to court documents, Chisholm solicited investors claiming investor money would be used to help fund a satellite television network startup.
Chisholm was charged in December 2015 for scamming investors when he claimed that he was on the verge of securing significant funding for a television startup company called The Caribbean Television Network Inc., or TCN. According to federal prosecutors, he claimed that the network was on the verge of securing millions of dollars in funds and, in the interim, he needed investor funds while the TV network was getting set up.
According to the indictment, investors’ money was used to satisfy a more than $250,000 judgment after Verizon Select Services had mistakenly wired money to one of Chisholm’s former businesses, long-distance phone company Caribtel Ltd., that Chisholm them had used for his own purposes. Other funds were used for Chisholm’s lifestyle, including purchase of a yacht, health and wellness expenses, and the rental of a home at Lake Minnetonka.
The TV Station schemer kept up the ruse for more than decade – lying to investors and potential investors about progress. He also lied about his personal and professional background, claiming that he worked with media mogul Ted Turner and had ties to the Bush family. According to the indictment, all of these claims were false.
Chisholm Ordered to Turn Himself In
Chisholm was ordered to turn himself in to federal authorities by Sept. 25. He was sentenced to 48 months in prison, with three years of supervised release for one count of mail fraud. The court dismissed five remaining counts of mail fraud and seven counts of wire fraud. He also has been ordered to pay approximately $2.1 million in restitution.
Are You a Victim of Colin A. Chisholm?
If you believe you have been the victim of fraud committed by Colin A. Chisholm, you may have certain legal rights that require your immediate attention.
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