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T   16.31 (-0.12%)
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PYPL   62.01 (-0.14%)
XOM   120.40 (+1.59%)
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Houston man named in $32M federal fraud indictment dies

Written by The Associated Press
July 10, 2018

HOUSTON (AP) — A Houston businessman indicted last year in a case that federal prosecutors called a $32 million investment scam linked to software development has died.

Attorney Dick DeGuerin says his client, 63-year-old Ray Charles Davis, had been ill and died Saturday at a Houston hospital. DeGuerin had no cause of death but said Tuesday that Davis had heart, gastrointestinal and circulation issues.

Davis was indicted in December on one count of securities fraud and 20 counts of wire fraud related to a company he founded — Behavioral Recognition Systems Inc. The indictment says Davis made false statements to investors about company finances.

DeGuerin, in response to the indictment, said Davis was not guilty and the charges were greatly exaggerated.

DeGuerin said Tuesday that he expects the criminal case to be dismissed.

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