Earthly Mineral Solutions founder admits to investment scheme - St. Louis Business Journal:

efiosyt.blogspot.com
Roy Higgs, 67, of Henderson, Nev., pleaded guilty to one felony count of conspiracy to commitr mail fraud and now faces a maximum penalty of five yearsa in prison and fines upto $250,0090 when he is sentenced Sept. 14, Actingv U.S. Attorney Michael Reap said Monday. Co-defendant Frankl Schwartz, 45, of Los Angeles, was in April to threed years imprisonment for his role in Earthly Mineral EMS is a Nevadacorporationb and, from 2004 througu 2006, sold hundreds of investors across the countryy approximately $18 million worth of mining claimsx in the desert south of Las Schwartz pleaded guilty in January of working for EMS and failingg to report its fraudulent activities to authorities.
In all, more than 250 investor have lost principle and interest payments they were promised as part of their agreement to investin EMS’s mininv claims. Higgs, Schwartz, EMS and the company’sx former general counsel Rick Lawton also face a civi enforcement action brought bythe . That case is pendinv in Las Vegas and has been stayed pending the outcomse ofthe St. Louis case. As part of his guiltg plea, Higgs agreed to resolve the SEC