Clyde Hood - Wikipedia (Omega, It Never Paid)

[California Dreamin']

I found this write-up on Clyde Hood on Wikipedia today.

I think some mention of JZ Knight's involvement should me included if anyone out there knows how to add input on Wiki.
This page was last modified on 14 February 2012 at 07:45.



Omega Trust
From Wikipedia, the free encyclopedia

This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (November 2009)
Omega Trust was a fraudulent US investment scheme in Illinois.

Clyde D. Hood is a former electrician from Mattoon, Illinois. In 1994 Hood formed Omega Trust and Trading Limited and began to lecture to church groups. He said that the Lord had given him a mission. He claimed that he was one of the international traders who could make secret multimillion-dollar deals to benefit humanitarian programs through debentures and "prime bank notes" in foreign banks. Hood asked for an investment of $100 and promised a payout of $5,100 within 275 days. He wanted the money delivered wrapped in aluminum foil and via Federal Express because U.S. federal government was trying to block the trades through the United States Postal Service. Therefore the scheme should remain secret. Thousands of people from USA and overseas sent money.

The program stopped accepting new investors in 1995. By that time, Hood had received more than $10 million. He began to present number of excuses as to why investors had not been paid, blaming administrative costs, problems with foreign banks and international financial conflicts. When some people still wanted to join, Hood and accomplices claimed that they could sell share units of people who had wanted to leave the program. The estimated total amount of money was $20 million.

In addition, Hood began new investment schemes named Alpha and Destiny and obtained more money from those who had invested to Omega. With the money Hood and his associates bought land and businesses in Mattoon, gave no-interest loans and made trips to Europe. Some of the money also went to finance businesses of other Hood associates like construction contractor Chris Engel.

Engel later cooperated with the police and let them tape a phone conversation with Hood. Hood lawyer Steve Ryan was also later removed from the case when he was subpoenaed as a witness and for possible collusion.

Clyde Hood and his 18 associates were indicted in 2000. Some of them pled guilty or were convicted of multiple counts of fraud, mail fraud, money laundering and filing a false tax return (see 26 U.S.C. § 7206).

On April 10, 2001, Hood pled guilty to mail or wire fraud conspiracy, money laundering conspiracy, and filing a false tax return.[1]

On January 24, 2002 Hood was sentenced to prison for 14 years and was fined $5,000. Five of his associates were convicted of active participation of the scheme and were ordered to make restitution. Thirteen associates were convicted of money laundering. Three hundred fifty-five victims received restitution from forfeited Omega Trust funds to the total of $1,697,310.00.

The Omega Trust still lives on in the Internet as a supposed global poverty relief program (see NESARA).

Hood is imprisoned at the "Federal Medical Center Devens," north of Worcester, Massachusetts, and is scheduled for release in November of the year 2012.

View page ratings
Rate this page
What's this?
Trustworthy
Objective
Complete
Well-written
I am highly knowledgeable about this topic (optional)

Submit ratings
Categories: Fraud in the United StatesCrime in Illinois
Log in / create accountArticleTalkReadEditView history

Main page
Contents
Featured content
Current events
Random article
Donate to Wikipedia
Interaction
Help
About Wikipedia
Community portal
Recent changes
Contact Wikipedia
Toolbox
Print/export
Languages
Română
This page was last modified on 14 February 2012 at 07:45.
Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of use for details.
Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

[freemysoul]

Great post CD. Wiki needs one correction that I know of personally and that is the fact that Hood stopped accepting clients in 1995. He was still accepting money well into 1996 and maybe even into 1997 under the name Omega. I'm not sure how to do corrections or add on Wiki but I will look into it and would love to know more about it. My long time rse student friend is the one who asked me if I wanted to invest in this in 1995, in my rse infancy, and was very secretive, relaying JZ's same words of, "There is a window of opportunity open right now". I lost well over $10,000 and I know my girlfriend at the time lost well over $200,000, trusting this "friend", who was trusting 'ramtha'. Its real easy to look back on this now and see the scam, but there was a time that I too believed everything JZ Knight said. This was the same with the other scams that Hood, or JZ or whoever was at the top of the poop pile of scammery would say, to give a sense of urgency or opportunity lost to the individuals they wished to purge of their finances. JZ endorsed Omega and Alpha both as herself and her ramtha persona on a number of occasions so I guarantee that she had a dog in the fight. By 1999, everyone just had stopped talking about it, as if it didn't even happen, and went on to more fruitless and ridiculous money making scams, 'clustered water', 'blue vitamins', 'alkaline water'.............this list is vast and still makes my stomach turn. Good find CD

[ex]

Hood is imprisoned at the "Federal Medical Center Devens," north of Worcester, Massachusetts, and is scheduled for release in November of the year 2012

he can come straight to yelm as a speaker at rse and set up his new scam like hudson.

[Rooster]

This is still very much alive California dreamin. Read my post under sheldon Nidle and other cults!