|Kids are going to have to lose weight the old-fashion way.|
True, childhood obesity is certainly a problem, but Charles Davis, despite what he may have told potential investors, does not have the answer. He was more than willing, however, to take $2.4 million from those who believed he did.
On Monday, the 53-year-old Irvine resident pled not guilty to charges of investment fraud in an arraignment in a U.S. District Court, just hours after he gave himself up to the FBI.
Davis was telling investors that LifeRight Holdings Inc. would use the funds they provided to help develop and market a product--pill, cream, laxative, an ankle bracelet that prevents entry into McDonalds?--that would combat childhood obesity.
Davis went so far as to guarantee a 15 percent return on the investment over a period of 13 months, along with other financial perks.
No research ever began. Instead, Davis spent the funds on himself, family and girlfriends. Yes, that last part is plural. Davis sounds like a real gem of a man. He also paid his rent, credit card bills and legal fees, for other lawsuits Davis was facing.
If convicted, Davis could spend as much as 170 years in jail. And then he can become someone's girlfriend. Isn't it funny how things have a way of working themselves out?