Thomas Huling, 58, of West Warwick, Rhode Island, Was Arrested on 21 Counts of Wire Fraud and Money Laundering
Thomas Huling, 58, from West Warwick, Rhode Island has been arrested on 21 charges – such as wire fraud, money laundering and tax evasion – from 2008 until 2018, defrauding investors of more than $14 million through purported investment projects such as offshore high yield bond trading platforms and car emission reduction technologies.
Early Life and Education
Thomas Huling was born into a family of American Revolution patriots. Throughout the conflict he served with Majors Company of Third Pennsylvania Regiment. Growing up in a small Pennsylvanian town and attending local schools was part of Huling’s life experience.
Huling recently entered into a plea agreement on federal charges of wire fraud and tax evasion, according to federal prosecutors. From 2008 until 2018 Huling is accused of defrauding investors through various investment projects such as bond trading platforms and car emission reduction technology; using their funds for personal expenses like high-end cars, multiple country club memberships, gambling and dining expenses.
Rachel Hartley, an Ohio University physician assistant program graduate and Worthington Christian High School alumna who had traveled on her 50-foot sailboat Turning Points, made the voyage across to Brooklyn where they secured temporary jobs at NYU Langone Hospital for eight weeks at an offsite temporary hospital with six floors converted into makeshift intensive care units to treat hundreds of Covid-19 patients.
Thomas Huling currently heads a healthcare technology company called Global MedInvent. With equipment and software that has been approved by the Food and Drug Administration, which could soon hit store shelves; plus molecule research that may treat retinal vascular disease, diabetic retinal disorders, or genetic retinal disorders; this firm boasts many groundbreaking solutions.
Huling was charged with running a Ponzi scheme from 2008-2018 that garnered $14 million from investors at a cost of $6 million, offering promises of big returns while sometimes including religion or charitable works in his sales pitch. Furthermore, multiple shell companies and 50 bank accounts were used by him to deposit, commingle and transfer funds between accounts.
Achievement and Honors
Thomas Huling has received many honors over his long career from various organizations for his outstanding dedication and work in his community, education, and science. These awards acknowledge him for these efforts.
Prosecutors allege that Thomas Huling was involved in a multi-million dollar fraud scheme from 2008-2018 that defrauded investors. Within this scheme, he promoted several investment projects such as offshore high-yield bond trading platforms, car emissions reduction technology and an online advertising and marketing company – each promising significant returns with minimal or no risk in short time periods. He lured investors with promises of substantial returns with little risk involved – all designed to defraud them outright.
Religious elements were integrated into his sales pitches to increase credibility and win trust from victims, while over 50 bank accounts and multiple shell companies were used to store, deposit, commingle, withdraw, and transfer funds.
During the Revolutionary War, he served in Majors Company of the Third Pennsylvania Regiment throughout. Additionally, he was part of a commission to investigate Susquehanna and Juniata Rivers.
Wednesday he entered his plea of guilt to wire fraud and tax evasion for defrauding investors from 2008-2018 in various investment projects such as bond trading platforms, car emission reduction technology and an online advertising and marketing campaign. In total he raised $14 million but lost $6 million due to victims.
Prosecutors allege that Huling laundered money through more than 50 bank accounts under various names, manipulating company books to conceal his activities, compensating early investors with money from later investments, while simultaneously defrauding the IRS by reporting no taxable income and not paying any taxes for almost 10 years.
Thomas Huling has amassed an immense fortune during his distinguished career. A financial advisor by trade, he also founded several companies such as Global MedInvent LLC which specialises in breakthrough medical inventions. Furthermore, Thomas serves as board member to several publicly-traded firms.
Prosecutors allege that between 2009 and 2018, Huling defrauded investors and avoided taxes by shifting funds between over 50 bank accounts under 8 different names, manipulating his companies’ books, and paying personal expenses with cash and corporate debit cards.
Huling allegedly used investor funds to purchase high-end vehicles, multiple country club memberships, gambling, clothing and food purchases as well as travel. On Wednesday he waived his right to trial and entered his plea of guilty for wire fraud and tax evasion.