Minooka businessman Kenneth Courtright was slapped with a 7 1/2-year federal prison sentence Thursday for orchestrating a website development fraud that swindled investors out of a whopping $92 million, as reported by the Chicago Tribune. Courtright, 53, previously hoodwinked over 500 investors by promising lofty annual returns in exchange for hefty upfront fees to build and operate websites through his company, The Income Store.
Despite federal prosecutors pushing for a stiffer penalty of 22 to 27 years behind bars, U.S. District Judge Matthew Kennelly dulled the blow with a shorter sentence after considering the recovered assets that mitigated some of the losses. Courtright's attorney, Michael Leonard, portrayed his client as "a hard-working guy" who helmed a business venture that failed but did not intentionally set out to defraud, as mentioned by the Tribune.
The fiasco began in January 2017, with The Income Store raking in over $144 million before it collapsed in December 2019. Court-appointed receivers in the SEC case found less than $2 million left when the company's assets were frozen. However, the fraudulent operation saw the liquidation of hundreds of websites and recovery efforts from parties affiliated with The Income Store, managing to settle a claim with Heartland Bank for $9 million in August, highlighted by the Chicago Tribune.
In a tale of continued denial, Courtright's children submitted letters to the sentencing judge, expressing their belief in their father's innocence and his inability to commit such crimes. "From having Ken Courtright as my father, my greatest takeaway is that happiness is a choice ... No other man, in my opinion, has had it worse than my father over the past 3 years," his daughter Kameron Courtright wrote, projecting a future where, "Regardless of your decision, I know deep in my heart that only good will come from it," as per the Patch report. Her sister Kara and brother Kenny shared similar sentiments, testifying to their father's good character and integrity.
Courtright is to report to federal prison within 60 days, and according to his attorney, intends to appeal the verdict. Since relinquishing The Income Store, he has remained partly involved in the tech world, recycling old PCs. This sentence poses a sobering warning to those engaging in similar investment schemes, according to federal prosecutors cited by the Tribune.
