Here’s what happened (Federal Inmate #3995040). - Posted by John J.
Posted by John J. on April 23, 2000 at 22:26:31:
From his local paper:
Infomercial gurus to forfeit $10 million
ORLANDO, Fla., Nov. 6, 1999 (UPI) An Orange County, Fla., jury has ordered infomercial gurus William and Chantal McCorkle to forfeit their $10 million in assets to the federal government.
The McCorkles were convicted Wednesday of fraud and money laundering for defrauding consumers out of millions of dollars. Late Thursday, jurors decided the couple should lose their home, four cars and more than $7 million in cash that were seized in a May 1997 raid.
Some of the cash was to be used to pay their attorney, F. Lee Bailey.
The McCorkles used television infomercials to peddle bogus get-rich- quick real estate invesment programs, and prosecutors said they delayed sending refunds to dissatisfied customers.
The couple denied misleading people and contended that they refunded millions of dollars. They did not testify on their own behalf.
U.S. Attorney Paul Byron estimates the McCorkles will get between 21 and 30 years each when they are sentenced in late January. They will remain jailed pending sentencing.
When the jury’s guilty verdicts were read Wednesday, Chantal McCorkle wept uncontrollably and her husband passed out, went stiff and then jerked awake.
He was taken by ambulance to an Orlando hospital where he was admitted overnight and marshals were posted outside his room.
Doctors said he likely had suffered an anxiety attack, but observers said it had been another dramatic performance by the stylish entrepreneur, who projected an image of wealth and the high life on television commercials nationwide.
Authorities said the McCorkles’ operation grossed $40 million to $50 million over the past six years.