Macon businessman to be sentenced for mail fraud
Wed, 18 Apr 2012 19:27:05 GMT —
The United States Attorneyâ??s Office announced Wednesday that a Macon, Missouri man has pleaded guilty to mail fraud involving his scheme to market an energy generating machine known as â??Boydoplex.â??
David Grammer, 55, pleaded guilty to two felony counts of mail fraud before United States District Judge Jean C. Hamilton.
According to court documents, around 2004, Grammer and an associate started a venture to develop, manufacture and market an electronic device which would generate energy. Grammer was to serve as the project engineer and the associate would be responsible for raising the capital needed to fund the venture which they named Boydoplex.
The associate died in 2004 and his daughter assumed her fatherâ??s responsibilities and his 50% stake in the profits of the enterprise. Grammer was to receive the remaining half of the proceeds.
Between March 2005 and April 2011, Grammer and the associateâ??s daughter presented Boydoplex as being on the verge of sale for amounts ranging from $300 million to $863 million. More than 84 individuals and businesses invested over $3.3 million towards the development of the device.
Grammer falsely told investors and the associateâ??s daughter that he was developing prototypes and working models of Boydoplex in laboratories in Indiana and Missouri. One of the addresses he used for the fictional laboratory was property located in a state park.
Sentencing for Grammer has been set for July 13. Mail fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000.
The case was investigated by the Federal Bureau of Investigation, the United States Postal Inspection Service and the United States Trusteeâ??s Office.
Information provided by the United States Attorney's Office Eastern District of Missouri