Fraudulent Scheme Unravels: Coast to Coast Chill CEO Sentenced
Garry Savage, Sr., the mastermind behind Coast to Coast Chill, a Nevada-based company, has been handed a significant sentence for his role in a massive securities fraud and theft scheme. Alongside his company, Savage pleaded guilty to 23 counts related to the fraudulent investment scheme, which saw him misappropriate funds meant for a manufacturing plant in Youngstown, Ohio.
A Scheme Unfolds
Savage’s plan was to invest funds into The Joseph Company International to build a state-of-the-art manufacturing plant in Youngstown, Ohio, specializing in self-chilling beverage cans. However, he had other plans for the money. According to the indictment, Savage sold investments to 18 Ohio investors in Coast to Coast Chill, promising them a lucrative return. Instead, he used the funds to pay himself and repay other investors, diverting the money inappropriately.
Consequences Catch Up
On November 26, 2024, Savage pleaded guilty to the charges, and on Monday, he was sentenced to more than three years of incarceration, followed by 18 months of parole. He has been held since his arrest in August 2022 and was given credit for time served. Additionally, Savage was ordered to pay a staggering $2,909,350 in restitution to the company’s investors.
A Factory Left Empty
The Chill Can plant, which was supposed to be a cutting-edge canning operation in Youngstown, remains empty to this day. The city of Youngstown sued Coast to Coast Chill and won back tax incentives and other funds awarded to the project. The site is now likely to be auctioned off as the foreclosure case against the company comes to a close.
Justice Served
The Ohio Department of Commerce Division of Securities has finally brought Savage to justice, putting an end to his fraudulent scheme. This sentence serves as a warning to others who would attempt to deceive and steal from innocent investors.
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