Los Angeles authorities arrested a Dallas man at LAX on a federal securities fraud complaint. The federal complaint also accuses the man of mail fraud and money laundering.
According to federal investigators, the man created several oil and gas companies in Texas over a five-year period. Investigators say the man misrepresented the company’s drilling and exploration rights and oil well income potential. The man collected more than $60 million from investors in the companies.
Federal prosecutors say the man commingled investor funds from each of 16 wells to a few general and operating accounts. They also claim that the man redirected investor funds for his own personal use. According to authorities, during one period, the man received more than $40 million from investors, but returned just $2.4 million. During the same time, the man transferred $12 million for his own personal use. During a different period, he misappropriated another $14 million for personal expenses. Investigators say he spent the money on luxury purchases, including expensive automobiles, home improvements, clothing, art, and chartered flights.
If convicted, he faces up to 35 years in prison and a fine of $750,000.
Los Angeles securities fraud lawyer
When you face criminal investment fraud charges, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has nearly 35 years of experience in criminal defense. He takes federal cases in any circuit in the United States. He also takes state cases in Southern California districts.
Securities fraud cases often involve eye-popping dollar amounts, so they generate a lot of attention. Although federal prison sentences are long, a skilled attorney can make a tremendous difference in the outcome of your case. Don’t automatically assume that a plea bargain is the best approach for your case. An experienced attorney will fight aggressively for you in court. You must take this approach as a federal defendant because federal prosecutors have a lot of resources at their disposal.
Don’t settle for inexperienced representation and don’t assume that a federal conviction is automatic. 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.
Photo Credit: Kat Avila, via Flickr.com