Posted: Dec 16, 2011 6:26 PM by Letitia Walker
43-year-old Richard Buswell, an owner of Curious Goods, will remain in jail following his arrest last week. A federal magistrate judge has ruled Buswell violated the conditions of his pre-trial release by being charged with distribution of a controlled substance (synthetic marijuana).
In August of this year, Buswell was indicted by a grand jury on 28 counts, including conspiracy, securities fraud, investment advisor fraud, 8 counts of wire fraud, and 15 counts of mail fraud.
According to the indictment, beginning in 2007 and continuing through 2009, Buswell, along with his co-defendant, Herbert S. Fouke, are accused of obtaining investors' funds through false pretenses, representations and promises, in order to gain an economic benefit for themselves through the payment of commissions and wages.
Buswell was originally arraigned on October 14, 2011 and released pending trial under a $100,000 unsecured bond with various conditions of pre-trial release including,
but not limited to: (1) Not to violate any federal, state or local law while on release; and, (2) To avoid contact, directly or indirectly, with any person who may be a victim or
potential witness in the case.
Buswell will remain in the custody of the U.S. Marshal's Office until his trial date which is set for October 22, 2012.
The conspiracy charge carries a maximum penalty of five years in prison and a $250,000 fine. The securities fraud charge carries a maximum penalty of 20 years in prison
and a $5,000,000 fine. The investment advisor fraud charge carries a maximum penalty of five years and a fine of $10,000. Each count of wire fraud and mail fraud carries a
maximum penalty of 20 years and a fine of $250,000.
The government is seeking forfeiture of more than $1.7 million in commissions that Buswell made from the alleged improper trades. According to the indictment, the defendants are accused of causing more than 100 clients in Lafayette and surrounding parishes to lose more than $8 million.