US businessman pleads guilty to fractional yacht fraud
US businessman Alton S. Minton is facing up to two years in prison after pleading guilty to fraud involving a fractional yacht business.
Milton admitted a federal wire fraud charge as part of a plea agreement with prosecutors after duping
27 investors out of nearly US$900,000. His victims invested in a company called YachtOne, that claimed to sell fractional ownership in yachts but no shares were actually sold, and Minton used “the majority of those funds for his and others’ benefit, including for living expenses, past personal debts and other purposes,” according to the plea agreement.
He is scheduled to be sentenced on April 20.
This is not Milton’s first brush with the authorities over a fractional ownership scheme. In 2004, he was forced to relinquish control of fractional jet company FractionAir — a company whose high-profile investors included former Tennessee Titans head coach Jeff Fisher and former vice president Al Gore — after accusations that he sold shares in planes the company did not own.