Securities fraud charge for TV producer
Securities fraud charge for TV producer
Federal authorities arrested a Calgary television producer in Los Angeles on charges of grand theft, forgery and securities fraud. Authorities intercepted the 45-year old man at Los Angeles International Airport, as he returned from a trip to Hong Kong.

Federal prosecutors charged the man after he was indicted by Nassau County, NY grand jury. The action stems from a complaint by a New York resident, who alleged investment losses of nearly a half-million dollars. According to the complaint, the man convinced investors to purchase tablets that could display 3-dimensional information.

The man worked for Sungame, a Las Vegas company that sold the tablets to investors for $1,000 each with the promise that the company would repay the full purchase price within weeks of the investor’s purchase. The majority of investors never received their money. Instead, the man used the funds to artificially inflate the apparent earnings of the company and acquire more tablets. Some investors who initially provided capital received funds. He used the remaining funds to pay his personal expenses.

The man had also been fined in Canada in 2015 for illegally trading securities, but left the country. Following revelations of accounting improprieties at Sungame in 2014, the company was forced to restate its earnings. The company’s stock price lost more than 95% of its value at that time. The company’s stock value continued to drop and currently trades at about $0.02 per share.

Los Angeles securities fraud lawyer

Investing is a complex activity. Federal prosecutors have a strong interest in investigating and prosecuting securities fraud cases. The federal government instituted nearly 375 new white collar crime prosecutions in February 2017. Although the number of white collar prosecutions is on a downward trend, federal prosecutors don’t shy away from high-visibility or high-value cases. That’s why you need an experienced securities fraud lawyer, if you’re facing a federal white collar prosecution.

Robert Helfend has practiced criminal defense for more than 30 years, and takes cases in both the state and federal court system. He is known as an aggressive, experienced attorney who provides effective defense. He also devotes his full attention to his clients. Unlike what may happen at larger, less personal law firms, Mr. Helfend manages each case personally. He does not pass any clients to less experienced attorneys. Experience matters!

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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