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NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that RITCHEL MOREHEAD, age 40, a resident of Covington, Louisiana, was convicted of wire fraud in connection with a fake investment scheme.

The government filed a superseding bill of information that charged MOREHEAD with committing wire fraud from December 2018 through February 2019. 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. Under the terms of the plea agreement, MOREHEAD pled guilty as charged to the superseding bill of information and agreed to pay $460,000 in restitution to the victims of her scheme. The government has already seized $190,784.90 in cash and assets from MOREHEAD.

MOREHEAD faces up to twenty years in prison, followed by up to three years of supervised release, a fine of up to $250,000 or twice the gross gain to MOREHEAD or the gross loss to any victims, and a $100 mandatory special assessment fee.

The Honorable Martin L. C. Feldman set MOREHEAD’s sentencing for April 6, 2022.

U.S. Attorney Evans praised the work of Homeland Security Investigations and the United States Secret Service. Assistant United States Attorney Nicholas D. Moses is in charge of the prosecution.