A Michigan lawyer with ties to a California investment company has been indicted on federal securities fraud charges. The Securities and Exchange Commission has accused attorney James A. Catipay and David Aldridge, principals in a firm called Prometheus Law, of defrauding elderly clients of more than $12M in what investigators say amounts to a Ponzi scheme.
According to the complaint, which was filed in Los Angeles, the pair took money from investors to fund personal injury and class-action lawsuits, but instead used the funds to purchase a luxury downtown Los Angeles residence and pay Aldridge’s personal income taxes, among other things. When the first investors’ return of $120,000 was due, the pair allegedly recruited new investors and used the funds to pay them.
According to the SEC, Catipay and Aldridge routinely misrepresented the risk of investing with their firm, and proposed unrealistic returns of between 100% and 300% on investments. The pair also engaged in a scheme involving “fee-splitting,” which is prohibited between attorneys and non-attorneys. Aldridge is alleged to have masterminded the scheme in 2013, but initially could not find an attorney to participate. They later recruited a Seattle personal injury attorney to participate in the scheme.
An experienced securities fraud attorney
If you’ve been accused of securities fraud, embezzlement or other federal charges related to money, hiring an experienced securities fraud attorney like Robert Helfend is your best strategy. Mr. Helfend has practiced criminal defense exclusively for more than 30 years in Southern California. He takes cases in both federal and state courts and has established a reputation as an aggressive, skillful securities fraud attorney.
No matter their nature, federal charges are exceptionally serious. They can involve long prison sentences, and the federal prosecution is very aggressive. Federal prosecutors are well funded and they have a lot of experience in getting convictions. To counter them, you need an experienced securities fraud attorney that can help you mount an effective defense in court. Mr. Helfend has established a long history of success at the federal level and can put his experience to work on your case.
When you work with Robert Helfend, you can be certain that you will get the benefit of his experience. He handles each case personally, so you will always work directly with him on matters involving your case.
No reputable securities fraud attorney can promise a specific outcome in court, but Mr. Helfend has established a reputation for being an aggressive defender of his clients’ rights. He knows how the system works and will always seek the best possible resolution for his clients under their circumstances.
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County securities fraud case.
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