U.S. Attorney Duane A. Evans announced that 41 YO RITCHEL MOREHEAD, a resident of Covington, was sentenced last week to 21 months in prison for committing wire fraud in connection with a fake investment scheme.
According to court documents, MOREHEAD used a corporation, Chel Corporation, to defraud six victims by embezzling a total of $460,000 that was supposed to cover fees, costs, and down payments for multi-million-dollar loans, when in fact MOREHEAD spent the funds on personal expenses, such as jewelry and a vehicle, and transferred cash to accounts overseas.
After MOREHEAD was charged, two additional individuals came forward as victims of the same scheme. Under the terms of the plea agreement, MOREHEAD pled guilty as charged and agreed to pay at $460,000 in restitution to the victims of her scheme, plus amounts owed to any additional victims.
