A businessman from Stephenville, Texas, has been sentenced to over 13 years in prison for orchestrating a fraudulent scheme that defrauded multiple victims. Prosecutors revealed that Clayton Lloyd Iley, 41, illegally acquired credit cards and offered a fictitious loan program, using the proceeds to amass a collection of more than 90 exotic vehicles, which he is now required to sell to compensate his victims.
Iley, who ran Clayton Texas Legacy Insurance Group, LLC, received a sentence of 160 months for charges of wire fraud and identity theft, as announced by the U.S. Department of Justice. The fraudulent activities involved soliciting over $2 million from victims under the guise of a non-existent investment program.
In addition to the loan scam, Iley misled clients by promising to initiate insurance policies on their behalf while pocketing their premium payments. He further exploited his victims by fraudulently opening credit cards in their names. Investigations found that he executed these financial transactions through entities he controlled, including Texas Legacy Holdings and Spartan Global.
With the illicit funds, Iley acquired a fleet of luxury cars, which featured high-end models such as a 2012 Lamborghini and a 2018 Ferrari. In a bid to make restitution, all of these vehicles are now slated for sale.
Having pleaded guilty to the charges in June, Iley’s sentence was handed down on October 1. U.S. Attorney Ryan Raybould emphasized the significant impact of Iley’s actions on his victims, stating, “Clayton Iley’s conduct caused real financial and emotional harm to the victims he targeted, many of whom trusted him with their personal information and hard-earned money. This sentence reflects our commitment to holding fraudsters accountable.” He warned that those who exploit their community through deceitful schemes will face severe legal repercussions.
