Treadwell, Sluder, and Saturday were found guilty of wire fraud and conspiracy while Acosta pleaded guilty prior to the trial to conspiracy and making a false statement to a federal officer. In the indictment they were charged with fraudulently soliciting over $50M from investors, by falsely telling investors that their investments would be used for high yielding investmtnts, while only a fraction of the money was used for investments, rather, the money was used to pay back previous investors and for personal use. The SEC litigation release can be read here.
