Department of Justice

U.S. Attorney’s Office

Eastern District of North Carolina

---

FOR IMMEDIATE RELEASE

Tuesday, April 4, 2017

Swindler Ronald McCullough Sentenced to 10 Years Imprisonment

RALEIGH – United States Attorney John Stuart Bruce announced that today in federal court, United States District Judge Terrence W. Boyle sentenced Ronald McCullough, 45, of Atlanta, GA to 120 months imprisonment, followed by 3 years of supervised release. He also was ordered to make payment of $1,726,400 in restitution.

McCullough was named in a Superseding Indictment filed on July 2, 2014. He was originally indicted on July 9, 2013. His co-defendant, David Mayhew, was previously convicted after a jury trial and sentenced to 26 years in prison.

At the codefendant Mayhew’s trial, the Government presented evidence that Mayhew and MCCULLOOUGH were involved in an investment fraud scheme that spanned from January 2009 to May 2012 and swindled more than $2,000,000 from investors, promising them returns as much as 100% in 30 days. One victim testified that he had lost his family’s house as a result of the fraud. Two other victims testified that they had to back out of contracts to purchase property because of the fraud.

Special Agent in Charge Thomas J. Holloman III stated, “The IRS, Criminal Investigation is committed to using our Agent’s financial expertise to help bring those that prey on innocent taxpayers for their own enrichment to justice.”

"When making investment decisions, Investors should always consider that if it sounds too good to be true, it probably is,” said David McGinnis, Inspector in Charge of the U.S. Postal Inspection Service Charlotte Division. "This case was especially egregious because the defendants used the victims’ religious beliefs to gain their trust and steal their money. The U.S. Postal Inspection Service will continue to vigorously pursue those who utilize the U.S. Mail to steal our customers’ hard earned money."

“For years, Ronald McCullough led a lavish lifestyle using money he swindled from innocent people. When his scheme was exposed, he chose to run rather than face his prison sentence. The FBI never stopped searching for McCullough and now he’s learned firsthand, you can’t escape justice,” said John Strong, Special Agent in Charge of the FBI in North Carolina.

Investigation of this case was conducted by the FBI, the IRS Criminal Investigation, the Postal Inspection Service, and the North Carolina Secretary of State’s office, Securities Division. Assistant United States Attorney David A. Bragdon represented the government at trial and Assistant United States Attorney Ethan Ontjes represented the government at MCCULLOUGH’S sentencing.