A former Hollywood producer and events promoter will spend five years in federal prison for securities fraud. Gabe Reed pleaded guilty in federal court to wire fraud. Authorities say Reed swindled performers, investors and promoters of concerts and WWE entertainment events.
Prosecutors reportedly netted a 57-month sentence for Reed. They will also seek restitution for his victims later this summer. Earlier, Reed admitted to taking money from investors after convincing them to invest in concerts and other events. He falsely claimed that certain well-known performers had agreed to participate. He also admitted that he never booked the events, or booked events knowing he would cancel them.
Instead of using the funds as he described, Reed paid his personal expenses. He used investor funds to pay rent, personal bills, child support, meals, travel expenses and other non-related expenses. He operated the scam for nearly nine years. During that time, he did produce several events, all in South America. Those events include heavy metal concerts and WWE events in Brazil, Argentina and Chile.
Reed constructed an elaborate scheme to avoid being caught. He also falsified business records. In 2015, one investor complained after discovering that a planned Los Angeles tour was fraudulent. The investor gave Reed $100,000 but many of the acts Reed claimed to have booked denied participating in the tour. The subsequent FBI investigation uncovered Reed’s scheme.
Hollywood securities fraud lawyer
When you face securities fraud charges, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes cases in Los Angeles County and throughout Southern California. Mr. Helfend takes cases in both federal and state courts and will fight aggressively on your behalf.
Many federal defendants assume that they cannot win in court, so they plead guilty. It’s entirely possible to prevail, however. An experienced, aggressive criminal defense attorney will work hard to get the charges against you reduced or dropped. When that’s not a possibility, a smart attorney will work to minimize the impact of a conviction.
Don’t settle for an inexperienced attorney or one who doesn’t really want to take your case. 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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