Ponte Vedra, Fla — 36-year-old James Elliott Davis, II of Ponte Vedra Beach has pleaded guilty to bank fraud, wire fraud, money laundering, and theft of mail.
According to court documents, from March 2018 through 2022, Davis ran a purported medical supply company named Medisale Inc. Using false information, Davis enticed people and business entities to invest large sums of money in Medisale. He falsely represented to victim-investors that Medisale was making significant profits on the sale of COVID-19 Personal Protective Equipment (PPE). He claimed to have contact with CEOs at various hospitals and that Medisale had contracts with hospitals to sell large volumes of N95 masks and other PPE. In convincing victim-investors to give him money, Davis showed fraudulent bank statements with large balances, claiming the money was from the sale of PPE.
Medisale had no such contracts and generated no genuine revenue from the sale of PPE. Using victim-investor funds, Davis paid off previous debts, distributed purported profits from the PPE sale to other investors, and covered personal expenses. This included Davis using victim-investor money to purchase a membership at a luxury club in Ponte Vedra Beach and spending more than $27,000 on custom clothing.
Davis faces up to 30 years in federal prison on the bank fraud count, up to 20 years in prison on the wire fraud count, up to 10 years in prison on the money laundering count, up to 5 years in prison for the theft of mail, and payment of restitution to the victims he defrauded. Davis has agreed to forfeit between $6.7 and $8.8 million, which are traceable to the proceeds of the crimes he committed
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