Todd Smith Facing New Charges Of Investment Fraud

By WTVO WQRF Newsroom

Published 02/11 2014 04:41PM

Updated 02/11 2014 04:53PM

ROCKFORD - The man accused of murdering Katrina Smith now faces federal charges.

A grand jury indicted Todd Smith on seven counts of mail fraud and 10 counts of wire fraud. 

The U.S. Attorney's Office says he falsely represented to investors their investments in Electus Asset Holdings, netting him nearly $1 million.

Smith was not alone in the scheme.  A California man, 36 year-old Travis Oliver, is also charged with eight counts of mail fraud and 15 counts of wire fraud.

Oliver was the managing member of Electus Asset Holdings.  He and Smith allegedly solicited individuals to invest in their company.  The scheme ran from Feb. 2009 - March 2012.

The indictment says the money was used to pay for personal expenses.

It also alleges that in order to conceal their false promises, smith and Oliver brought in new investors to pay interest and principal owed to prior investors.

Each count of mail fraud and wire fraud carries a maximum penalty of 20 years in prison.

Smith is due back in a Winnebago County courtroom next week for his murder case.  He has pled not guilty in the murder trial of Katrina Smith.

For more information on the federal charges, a news release is attached.

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