Texas businessman gets 13 years in federal prison as feds seize his Lamborghinis, Ferraris, Firebird and dozens more cars to pay back fraud victims
Source: Fortune ·
Clayton Iley pitched a fake Defense Department loan program and used victims' identities to fund 90-plus collector vehicles, prosecutors say.
From the source
Nicolas Cage’s 2000 cult classic Gone in 60 Seconds took a minute. Clayton Lloyd Iley will be gone for 160 months. The 41-year-old Stephenville, Texas, businessman was sentenced to more than 13 years in federal prison for wire fraud and aggravated identity theft, the U.S. Attorney’s Office for the Northern District of Texas said. Prosecutors say he paid for more than 90 exotic and collector vehicles with money from his scheme. Iley ran an insurance brokerage out of Cross Plains, Texas, and from January 2020 through May 2026, prosecutors say he also moved money through two companies he controlled, including Spartan Global Security, which did business as “Black Eagle PMC” and offered private military contracting services. He told victims he could invest their money in a “Bonded Note” loan program that the Defense Department supposedly offered to private military contractors. The program didn’t exist, and instead, he collected more than $2 million and spent it on personal expenses and…