A man who raised nearly $19-million for a package delivery business was convicted Friday on 28 counts in a case that said he diverted most of the money to himself, relatives and friends.
A federal jury found Paul Johnson guilty on all counts of conspiracy to commit securities fraud, securities fraud, perjury, money laundering and conspiracy to commit money laundering.
Sentencing could range from probation up to at least five years in prison and $250,000 in fines on each count.
Johnson was president and CEO of Link Express Delivery Solutions when the company sold $18.9-million worth of securities, purportedly for operation and expansion.
A federal indictment charged that he raised the money under false pretenses and misrepresented plans to nearly 400 investors, who were unaware much of the money would go directly to Johnson, his personal ventures and his friends and relatives.