Joseph Wayne McCool is being sought for his alleged involvement in a ponzi scheme that was based out of Mesa, Arizona. Sometime before February, 2004, McCool allegedly conspired with two other individuals, who have since been arrested, to operate The Brixon Group, Ltd., which fraudulently solicited millions of dollars from the public. McCool solicited and induced members of the public to invest approximately $10 million in Brixon by making fraudulent and misleading representations concerning how the money would be used, the rates of return, the security of the investments, and their own qualifications to conduct such investments.
Reportedly, McCool promised investors that their money would be invested in European investment programs and used as reserves for high-yield insurance company portfolio investments. Investors were told that Brixon would generate returns of 10 percent per month. Investors were also falsely promised that they could not lose their principal investment because the principal was insured by the State Bar of California. Furthermore, McCool was represented to investors as a banking expert who successfully managed a large private trust in Europe before operating Brixon.
Additionally, McCool reportedly failed to disclose to investors that he did not invest money for the benefit of the investors; instead, he allegedly converted a substantial portion of the invested money for personal use and used new funds received by Brixon to make payments to earlier investors. Additionally, investors' money was never insured against loss. When Brixon failed to make promised payments to investors, McCool responded by telling investors that the money was tied up in Europe due to the United States Patriot Act and various international banking problems.
On May 11, 2006, a federal arrest warrant was issued by the United States District Court for the Southern District of California after McCool was charged with conspiracy to commit wire fraud and wire fraud.