Sunday, Aug. 30, 2015    Login | Register           

Federal grand jury indicts PTC man for bilking 90 investors out of $15.8 million

DALLAS – U.S. Attorney James T. Jacks of the Northern District of Texas announced a federal grand jury indictment was returned charging Eldon A. Gresham, Jr., of Peachtree City, Ga., with 10 counts of mail fraud concerning a foreign currency exchange trading (ForEx) scam.

The indictment alleges that from January 2004 through June 2009, Gresham recruited at least 90 individuals in Texas, Georgia, Kentucky, Tennessee, Florida and other states to invest in his ForEx trading business, The Gresham Company.

Gresham falsely represented to potential investors that he generated consistent returns on investments of up to 10 percent per month, the charges allege.

In fact, Gresham was actually losing money on his ForEx trading. Gresham also concealed from investors that he used their investment funds for personal reasons or as payments to earlier investors, a scheme often called a Ponzi Scheme.

Over the life of the scheme, Gresham obtained nearly $15.8 million from unsuspecting victims.

Gresham, formerly of Olney, Texas, operated his business out of Peachtree City, Ga. He utilized contacts from the Texas area and beyond to locate investors. He also targeted members of the Christian faith, who were elderly and particularly vulnerable to Gresham’s inducements.

Gresham often told potential investors that he believed his success in ForEx trading was a blessing and gift from God, and Gresham considered his investment business to be “his ministry.” Gresham also encouraged people to invest by telling them that investors could use their investment gains to “further God’s work.”

It is anticipated that Gresham will surrender himself before a federal magistrate in Atlanta, Georgia. At that time, Gresham will make his initial appearance on the new indictment.

An indictment is an accusation by a federal grand jury and a defendant is entitled to the presumption of innocence unless proven guilty. If convicted, the maximum statutory sentence for each mail fraud per count is 20 years in prison and a $250,000 fine.

The case is being investigated by the U.S. Postal Inspection Service. Assistant U.S. Attorney David Jarvis is prosecuting the case.



Do you know what's going on in the civil suit that was filed last year?

Glad to see this indictment finally come to light.

Ad space area 4 internal


Department of Driver Services Commissioner Rob Mikell announced an important milestone for a program that streamlines the licensing process for troops, veterans and dependents with previous motorcy

Sponsored Content


When I was a kid growing up in Kingsport, Tenn., my next-door neighbor, and a few years older than me, was Lonnie Bailey. He was the coolest guy I knew.


The 26th Annual Native American Festival & Powwow, sponsored by the Butts County Historical Society, is scheduled for Sept. 12-13 at Indian Springs Hotel/Museum, 1807 Hwy. 42 S.


Northgate 45, Shaw 0 Pace Academy 34, Our Lady of Mercy 3 Starr's Mill 21, Whitewater 7 Jonesboro 17, Sandy Creek 15 East Coweta 35, Arabia Mountain 28


The 39th annual Tyrone Founders Day Festival will include a first-ever Amateur BBQ Cook-Off Contest scheduled for Saturday, Sept. 12, 3-8 p.m. at Shamrock Park, 947 Senoia Road.