Texas Businessman Gets 13 Years in Prison, Must Sell 90 Collector Cars to Pay Back Fraud Victims
Prosecutors said Clayton Lloyd Iley collected more than $2 million from victims and used the money to buy over 90 luxury vehicles.
- On Oct. 1, a federal court sentenced Stephenville businessman Clayton Lloyd Iley to more than 13 years in prison for wire fraud and identity theft after he pleaded guilty in June to operating Clayton Texas Legacy Insurance Group, LLC.
- Prosecutors said Iley collected over $2 million by offering a nonexistent scam loan program to victims while falsely telling clients he initiated insurance policies and pocketing their premium payments.
- Investigators discovered Iley used his funds to purchase over 90 exotic collector vehicles, including a 2012 Lamborghini Aventador and 2018 Ferrari 488, which authorities mandated he sell for victim restitution.
- Attorney Ryan Raybould stated, "Clayton Iley's conduct caused real financial and emotional harm to the victims he targeted," noting the sentence reflects commitment to holding fraudsters accountable.
- Further investigation revealed Iley controlled two entities, Texas Legacy Holdings and Spartan Global, to facilitate financial transactions; authorities stated he also targeted victims by fraudulently opening credit cards in their names.
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16 Articles
Fraudster’s 90-car collection liquidated by U.S. authorities
Clayton Lloyd Iley, a 41-year-old businessman from Stephenville, Texas, was sentenced in a U.S. federal court on October 1 after pleading guilty to wire fraud and aggravated identity theft on June 17. His conviction followed an investigation involving the FBI, Texas Rangers, Texas Department of Public Safety, and the Stephenville Police Department.
Texas businessman gets 13 years in federal prison as feds seize his Lamborghinis, Ferraris, Firebird and dozens more cars to pay back fraud victims
Clayton Iley pitched a fake Defense Department loan program and used victims' identities to fund 90-plus collector vehicles, prosecutors say.
A Texas man who used other people's money to build an entire car collection is now facing 13 years in prison. Clayton Lloyd Iley, 41, acquired his wealth through an unusual method: he scammed people with investment opportunities, collected insurance premiums without signing the requested contracts, and then misused his clients' personal information. He used the money to buy more than 90 exotic and collector cars, including Lamborghinis and Ferra…
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