Sharmon Wade, president of “The Covenant Equity Group”, pled guilty to grand larceny, security fraud, scheme to defraud, and violation of tax law one year after being arrest and charged for soliciting to inexperienced investors to fund a faulty no-risk, high-rate-of-return investments. Wade admitted to stealing more than $1 million from investors through his real estate Ponzi.
Between June and August 2008, Wade and his co-defendant Claudius Hannah promised to a dozen of inexperienced investors a profit rate of 50 to 100% within 2 months. However, the investments that were made were used to fund Wade’s personal expense and to return a small “profit” to the investors.
Wade admitted to conning victims by portraying professional outlooks while operating a replica of a legitimate business out a suite located in Midtown, New York City.
If convicted, Wade faces more than 30 years in prison for multiple counts of grand larceny, security fraud, scheme to defraud and violation of tax law.