Indictment — United States v. Dwayne Peterson Davis (N.D. Ga., Dkt. 1, filed 08/13/24)
Summary
This Indictment in No. 1:24-cr-00257-JPB-JSA charges Dwayne Peterson Davis in Counts 1 through 10 (Wire Fraud) and Counts 11 through 16 (Money Laundering). It alleges that GEICO, majority owner of a limited partnership called PIS QOZ Fund 2018-A, LP, wire transferred $5.91 million to the Partnership on April 27, 2021, on Davis's false promise that the money would be used solely to pay the Partnership's debts and expenses. It alleges that Davis then transferred $5,898,000 to accounts he controlled in the name of Peachtree Investment Solutions, LLC. Counts 11 through 16 allege monetary transactions in criminally derived property of a value greater than $10,000. A forfeiture provision seeks proceeds, including a money judgment.
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“Indictment — United States v. Dwayne Peterson Davis (N.D. Ga., Dkt. 1, filed 08/13/24).”
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Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 1 of 10
ORIGINAL FILED IN OPEN COURT
U.S.D.C. • Atlanta
IN THE UNITED STATES DISTRICT COURT K AUG l J 202~
FOR THE NORTHER N DISTRICT OF GEORGIA i~'-NP. IIVEIMER, Clerk
ATLANTA DIVISION Deputy C/erk
UNITED STATES OF AMERICA
l:24CR -257
V. CASE NO. - - - - - - -
DWAYNE PETERSON DAVIS
INDICTME NT
The Grand Jury charges that:
Counts 1 through 10
(Wire Fraud)
1. From in or about April 2021 through at least in or about August 2021, the
Defendant, Dwayne Peterson Davis, aided and abetted by others known
and unknown to the Grand Jury, devised, intended to devise, and
participated in a scheme and artifice to defraud, and to obtain money by
means of materially false and fraudulent pretenses, representat ions, and
promises, and by the omission of material facts ("the wire fraud scheme").
Backgroun d
2. At all times material to this Indictment, Governmen t Employees Insurance
Company ("GEICO") was the majority owner, and Defendant Davis
(through other entities) was the minority owner, of a limited partnership
called PIS QOZ Fund 2018-A, LP (the "Partnershi p").
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 2 of 10
3. In or about November 2018, GEICO contributed $26 million to the
Partnership to fund the Partnership's investment in Riverside Village, a
commercial development in North Augusta, South Carolina.
4. In or about April 2021, GEICO agreed to contribute another $5.91 million
to the Partnership to pay taxes, settle a construction lawsuit, and stop
foreclosure proceedings.
Manner and Means of the Wire Fraud Scheme
5. Defendant Davis caused and directed GEICO to wire transfer the
$5.91 million to the Partnership's bank account at UBS Financial Services-
an account that Defendant Davis controlled.
6. Defendant Davis falsely and fraudulently led GEICO to believe that he
would use the money solely to pay debts and expenses of the Partnership.
7. In addition, Defendant Davis falsely and fraudulently promised GEICO
that he would confer with GEICO before disbursing any of the $5.91
million and that he would not make any payments that were not
"directly to the final source."
Page 2 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 3 of 10
8. On or about April 27, 2021, GEICO wire transferred the $5.91 million to the
Partnership's account with the understanding that Defendant Davis would
use the money solely to pay debts and expenses of the Partnership. GEICO
did not authorize Defendant Davis to use the money for any other purpose
and would not have transferred the money to his control if it had known
that he intended to use it for any other purpose.
9. After Defendant Davis obtained control of the $5.91 million, he continued
to make false and misleading statements to GEICO in an effort to hide his
fraudulent intent and to lull GEICO into a false sense of security. Those
statements were essential to prevent GEICO from discovering that it had
been tricked.
10. For example, upon receipt of the $5.91 million, Defendant Davis promised
GEICO that he would not disburse any of the money until he had the
"appropriate documentation in place."
11. Almost immediately after that, however, Defendant Davis began
siphoning off money from the Partnership's account and secretly
transferring it to accounts that he controlled at other banks- accounts that
were not related to the Partnership.
Page 3 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 4 of 10
12. In all, Defendant Davis surreptitiously transferred $5,898,000 from the
Partnership's account to accounts that he controlled at other banks in the
name of Peachtree Investment Solutions, LLC. Those transfers served no
legitimate Partnership purpose and were made with the intent to defraud
GEICO and the Partnership.
13. Defendant Davis eventually used some of the diverted money to pay the
taxes owed by the Partnership, but he never made any payments to settle
the lawsuit or stop the foreclosure proceedings.
14. In an effort to cover up what he had done, Defendant Davis falsely and
fraudulently told GEICO that he still intended to make the payments to
settle the lawsuit and stop the foreclosure proceedings. Defendant Davis
also assured GEICO that there was enough money left in the Partnership's
account to make those payments - even though he knew that was not true.
15. Later, Defendant Davis told GEICO that he had attempted to send a wire
transfer from the Partnership's account to stop the foreclosure. That was
not true. Defendant Davis further claimed that the bank where the
Partnership's account was located had prevented the wire from going
through because that bank was conducting a "compliance review" of the
Partnership's account. That was not true either.
Page 4 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 5 of 10
16. GEICO asked Defendant Davis to provide proof that he had attempted to
send the wire to stop the foreclosure and also asked him to provide the
name of the bank officer who had allegedly stopped the wire from going
through. Defendant Davis did not- indeed, could not- provide such
proof because it did not exist.
17. In an attempt to justify his failure to provide the information that GEICO
had requested, Defendant Davis made up one false excuse after another.
First, he blamed an "unexpected family obligation." Then, he claimed that
he had been" at church" and unable to respond to GEICO' s text messages.
And later he claimed that "system issues" at the bank had prevented him
from getting the information.
18. Defendant Davis continued to make false statements to GEICO concerning
how much of the $5.91 million was still under his control and where that
money was located.
19. Defendant Davis never returned any of the $5.91 million to GEICO.
Page 5 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 6 of 10
Execution of the Wire Fraud Scheme
20. On or about each date set forth below, in the Northern District of Georgia
and elsewhere, Defendant DAVIS, aided and abetted by others known and
unknown to the Grand Jury, for the purpose of executing and attempting
to execute the wire fraud scheme, caused to be transmitted by means of
wire communication in interstate commerce the writings, signs, signals,
pictures, and sounds described below:
Count Description of Interstate Wire Communication
$5,910,000 wire transfer on April 27, 2021, from GEICO to
1
PIS QOZ Fund 2018-A, LP
$2,000,000 wire transfer on April 29, 2021, from PIS QOZ Fund
2
2018-A, LP to Peachtree Investment Solutions, LLC
$2,218,000 wire transfer on May 3, 2021, from PIS QOZ Fund
3
2018-A, LP to Peachtree Investment Solutions, LLC
$400,000 wire transfer on May 14, 2021, from PIS QOZ Fund
4
2018-A, LP to Peachtree Investment Solutions, LLC
$100,000 wire transfer on May 24, 2021, from PIS QOZ Fund
5
2018-A, LP to Peachtree Investment Solutions, LLC
$960,000 wire transfer on May 26, 2021, from PIS QOZ Fund
6
2018-A, LP to Peachtree Investment Solutions, LLC
$210,000 wire transfer on July 9, 2021, from PIS QOZ Fund 2018-
7
A, LP to Peachtree Investment Solutions, LLC
Telephone call on July 30, 2021, between Seth Ingall
8
and Defendant Dwayne Peterson Davis
Telephone call on August 5, 2021, between Jeff Cunningham
9
and Defendant Dwayne Peterson Davis
Page 6 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 7 of 10
Count Description of Interstate Wire Communication
Telephone call on August 18, 2021, between Jeff Cunningham
10
and Defendant Dwayne Peterson Davis
All in violation of Title 18, United States Code, Section 1343 and Section 2.
Counts 11 through 16
(Money Laundering)
21. The facts alleged in paragraphs 2 through 19 of this Indictment are
realleged and incorporated here.
22. Defendant Davis used proceeds from the wire fraud scheme to pay his
personal debts and expenses and to pay expenses related to business
ventures that did not involve the Partnership or GEICO.
23. On or about each date set forth below, in the Northern District of Georgia
and elsewhere in the United States, the Defendant, Dwayne Peterson
Davis, aided and abetted by others known and unknown to the Grand
Jury, knowingly engaged in and attempted to engage in a monetary
transaction in criminally derived property of a value greater than $10,000,
said property having been derived from specified unlawful activity,
namely, the wire fraud scheme charged in Counts 1 through 10 of this
Indictment:
Page 7 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 8 of 10
Count Date Amount & type From To
of monetary
transaction
11 05/03/21 $1,700,000 Peachtree Peachtree
wire transfer Investment Investment
Solutions, LLC Solutions, LLC
(Cadence Bank, (Southern First Bank,
account #9501) account #1782)
12 05/04/21 $1,667,358.90 Peachtree A person whose
wire transfer Investment initials are J.G.A.
Solutions, LLC
(Southern First Bank,
account #1782)
13 05/06/21 $215,000 Peachtree Peachtree
wire transfer Investment Investment
Solutions, LLC Solutions, LLC
(Cadence Bank, (Southern First Bank,
account #9501) account #1782)
14 05/17 /21 $18,838.75 Peachtree McArthur Golf Club
wire transfer Investment
Solutions, LLC
(Southern First Bank,
account #1782)
15 05/17 /21 $21,700 Peachtree Consilium Partner
wire transfer Investment Group, LLC
Solutions, LLC
(Southern First Bank,
account #1782)
16 05/17 /21 $200,000 Peachtree WW-TW
wire transfer Investment ENTERPRISES,
Solutions, LLC L.L.C.
(Southern First Bank,
account #1782)
All in violation of Title 18, United States Code, Section 1957 and Section 2.
Page 8 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 9 of 10
For£ eiture Provision
24. Upon conviction of one or more of the offenses alleged in Counts 1
through 10 of this Indictment, Defendant Dwayne Peterson Davis shall
forfeit to the United States, pursuant to Title 18, United States Code,
Section 981(a)(l)(C) and Title 28, United States Code, Section 2461(c), any
property, real or personal, which constitutes or is derived from proceeds
traceable to the offense(s), including, but not limited to, a money
judgment, that is, a sum of money in United States currency, representing
the amount of proceeds obtained as a result of the offenses alleged in
Counts 1 through 10 of this Indictment.
25. Upon conviction of one or more of the offenses alleged in Counts 11
through 16 of this Indictment, Defendant Dwayne Peterson Davis shall
forfeit to the United States, pursuant to Title 18, United States Code,
Section 982(a)(l), all property, real or personal, involved in said violations,
or any property traceable to such property, including, but not limited to, a
money judgment, that is, a sum of money in United States currency,
representing the amount of proceeds obtained as a result of each offense
for which the Defendant is convicted.
Page 9 of 10
Case 1:24-cr-00257-JPB-JSA Document 1 Filed 08/13/24 Page 10 of 10
26. If, as a result of any act or omission of Defendant Davis, any property
subject to forfeiture (a) cannot be located upon the exercise of due
diligence, (b) has been transferred or sold to, or deposited with, a third
party, (c) has been placed beyond the jurisdiction of the Court, (d) has
been substantially diminished in value, or (e) has been commingled with
other property which cannot be divided without difficulty, the United
States intends, pursuant to Title 21, United States Code, Section 853(p), as
incorporated by Title 18, United States Code, Section 982(b)(1) and Title 28,
United States Code, Section 2461(c), to seek forfeiture of any other
property of Defendant Davis up to the value of the forfeitable property.
A BILL
RYAN K. BUCHANAN
Assistant United States Attorney
Georgia Bar No. 576335
600 U.S. Courthouse
75 Ted Turner Drive SW
Atlanta, GA 30303
(404) 581-6000
russell. phillips@usdoj .gov
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