Clayton Lloyd Iley was sentenced Oct. 1 to 160 months in federal prison after pleading guilty to wire fraud and aggravated identity theft, and he agreed to forfeit more than 90 exotic and collector vehicles bought with money prosecutors say came from the scheme.
The sentence tops 13 years and lands as investigators continue moving toward the sale of the cars to pay restitution. Authorities had seized 22 of the vehicles by July, but the forfeiture order covers the full fleet Iley used to spend down the fraud proceeds.
Prosecutors said Iley collected more than $2 million by pitching victims on a Bonded Note loan program he claimed the Defense Department offered to private military contractors, even though the program did not exist. He ran an insurance brokerage out of Cross Plains, Texas, and prosecutors said he moved money through two companies he controlled from January 2020 through May 2026, including Spartan Global Security, which did business as Black Eagle PMC.
The scheme did not stop at phony investments. Prosecutors said Iley took premium payments from insurance clients and never opened their policies, then handed victims’ personal information to banks so credit cards could be issued in their names without their knowledge. He used those cards to pay personal bills and help cover payments on the cars, tying the fraud and the luxury collection directly together.
The vehicles already identified range from high-end exotics to older collector and utility models, including at least seven Lamborghinis, Ferraris and Maseratis. They also include two Dodge Vipers, a Porsche Taycan, a Mercedes-AMG coupe, a Jeep Gladiator, a Ram pickup, a 1968 Firebird, a 1979 Trans Am, three Camaros, a 1973 Plymouth, a Humvee and two military trucks. Fortune estimated the roughly two dozen named vehicles at $1.8 million to $3.1 million combined, with the seven Lamborghinis, Ferraris and Maseratis alone valued at $1.3 million to $2.1 million.
U.S. Attorney Ryan Raybould said Iley’s conduct caused real financial and emotional harm to the people he targeted, many of whom trusted him with personal information and hard-earned money. The case now turns from punishment to recovery: the vehicles will be sold, and whatever money they bring back will go toward restitution for victims, though the total that can be returned is not yet stated.
