An Elkhart man has been sentenced by in U.S. District Court in South Bend after he pled guilty to wire fraud.

Charles Ray Smith, 52, was sentenced to 24 months in prison followed by 3 years of supervised release and was ordered to pay $315,020 in restitution to the victims of the offense.

According to court documents, from November 2016 to October 2021, Smith represented to several people that if they invested money with him, they would receive large returns on their investments.

Induced by Smith’s representations, certain individuals gave him money.

Smith did not invest the money as promised, but instead used it for his own personal benefit including purchasing his 3,500-square-foot home.  As a result of this scheme, Smith fraudulently obtained over $300,000.

The case was investigated by the Federal Bureau of Investigation.