A Clarksville man has been sentenced to 40 months in federal prison for wire fraud and money laundering offenses related to an investment scheme.
The United States Attorney’s Office for the Southern District of Indiana said Anthony Todd Leonard bilked investors out of more than $1.4 million.
According to court documents, Leonard procured investors in his companies, which purportedly developed educational software products, including nurseVersity LLC, Versity Edu, Versity Inc., VersityU and Bridge-It Learning. Leonard falsified documents and created “material misrepresentations” to obtain investments, which included providing inflated sales figures and other metrics, false bank statements and business financial documents to investors, and misrepresenting qualifications, medical history and company personnel issues to secure additional funds.
Court documents indicate investors paid, and continued to pay, Leonard for purported ownership interests, loans and other rights to his companies. Leonard admitted that he misrepresented the amount of revenue his companies generated and that they never actually made the money he said they did.
Leonard and his wife used the funds for their personal enrichment, according to the USAO, including the purchase of a large parcel of land in New Albany with a lake house, construction of a new residence on that parcel, expensive dinners, trips and other expenses unrelated to his purported companies and products. The property has been seized by the government and will be forfeited.
Leonard will also be supervised by the U.S. Probation Office for three years after his release from prison.
The U.S. Postal Inspection Service investigated the case, assisted by the Indiana secretary of state.