Nicolas Cage’s 2000 cult classic Gone in 60 Seconds took a minute. Clayton Lloyd Iley will be gone for 160 months.
The 41-year-old Stephenville, Texas, businessman was sentenced to more than 13 years in federal prison for wire fraud and aggravated identity theft, the U.S. Attorney’s Office for the Northern District of Texas said. Prosecutors say he paid for more than 90 exotic and collector vehicles with money from his scheme.
Iley ran an insurance brokerage out of Cross Plains, Texas, and from January 2020 through May 2026, prosecutors say he also moved money through two companies he controlled, including Spartan Global Security, which did business as “Black Eagle PMC” and offered private military contracting services.
He told victims he could invest their money in a “Bonded Note” loan program that the Defense Department supposedly offered to private military contractors. The program didn’t exist, and instead, he collected more than $2 million and spent it on personal expenses and other parts of the scheme.
He also took premium payments from insurance clients and never opened their policies. Prosecutors say he then handed victims’ personal information to banks to get credit cards in their names without their knowledge. He ran the charges through Spartan Global’s accounts as business receipts and used the cards to pay personal bills and make payments toward the cars.
“Clayton Iley’s conduct caused real financial and emotional harm to the victims he targeted, many of whom trusted him with their personal information and hard‑earned money,” said U.S. Attorney Ryan Raybould.
“This sentence reflects our commitment to holding fraudsters accountable. Those who steal from members of our community, manipulate them with fabricated schemes and misuse their identities will face significant federal consequences.”
A lawyer for Iley could not be reached for comment, but Iley pleaded guilty in June, and a U.S. district judge imposed the 160-month sentence on Oct. 1.
The muscle car collection
As part of his plea agreement, Iley agreed to forfeit more than 90 exotic and collector vehicles bought with money from the scheme. As of July, investigators had seized 22 of them, according to DOJ’s announcement.
The collection reads like a car show. Investigators seized at least seven Lamborghinis, Ferraris and Maseratis—including a 2012 Aventador, a 2015 Huracán, two Ferrari 488s and three Maserati MC20s, which Fortune estimates are worth $1.3 million to $2.1 million combined based on current listings.
The list also has two Dodge Vipers, a Porsche Taycan, a Mercedes-AMG coupe, a Jeep Gladiator and a Ram pickup, plus a throwback garage: a 1968 Firebird, a 1979 Trans Am, three Camaros and a 1973 Plymouth. A Humvee and two military trucks round it out. Fortune’s estimate for the roughly two dozen vehicles DOJ has named is $1.8 million to $3.1 million. DOJ has not released values, and most of the 90-plus cars have not been named.
Authorities will sell the vehicles to pay restitution to victims.
Generative AI was used for research assistance and/or transcription of this article. The reporter independently reported and verified the factual claims in this article, and a human editor reviewed it before publication.
