Marty Blazer, a former financial advisor and FBI informant avoided prison time following his guilty plea to securities fraud and identity theft charges. Blazer became a central figure in an FBI investigation of college sports programs. Allegedly, multiple college basketball coaches accepted money in exchange for directing players to agents after leaving college sports for the NBA draft.
Ultimately, Blazer’s cooperation led to plea deals with four college coaches, a former executive for sports apparel manufacturer Adidas, a sport management executive and another financial advisor.
Blazer settled a civil complaint against him from the Securities and Exchange Commission for $1.8M. The SEC accused Blazer of taking money from clients and investing it without their permission. In addition, the complaint alleged that he took money from some clients to pay other clients.
Despite the guilty pleas and the SEC settlement, a federal judge in los Angeles sentenced Blazer to one year of probation and $1.5M in restitution. The judge also ordered Blazer to pay a $2.3M fine. He currently has four complaints registered against him and cannot act as a financial advisor.
Los Angeles securities fraud attorney
When you face federal charges for investment fraud, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 35 years of experience exclusively in criminal defense. He takes cases in any federal circuit in the United States. He also takes state-level cases in Los Angeles County and throughout Southern California.
Securities fraud convictions can have serious consequences. The financial industry is self-regulating, so a conviction can result in long-term or permanent debarment from working in the industry. In addition, a conviction can result in long prison sentences and significant fines.
That’s why you need an experienced attorney like Robert Helfend. Mr. Helfend has defended thousands of Californians in his more than 3 decades of practice.
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: Ken Teegardin, via Flickr.com