A 72-year-old Montecito man pleaded guilty to securities fraud charges. Prosecutors say the man defrauded investors by promising to buy shares of stock in major corporations before their IPOs.
Additionally, the man sold shares of a fictitious $1B estate to investors as part of a second scam. In that scheme, the man told investors that they could see returns of as much as 1,000% once a probate court approved the estate transfer. The man collected more than $750,000 from would-be investors.
Prosecutors said that the man solicited nearly $5M from investors between October 2010 and October 2015. A federal grand jury indicted the man in February 2018 with 13 counts of fraud and eight counts of contempt of court.
The man will return to court on August 26 for sentencing. At that time, he could face a maximum of 20 years in prison.
Los Angeles securities fraud attorney
When you face criminal charges for investment fraud, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has 35 years of criminal defense experience. 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.
Mr. Helfend manages each case personally. That means you’ll always have the benefit of his extensive experience. He fights aggressively for his clients and works hard to ensure the best possible outcome for each case.
Federal prosecutors are aggressive and well-resourced. They have a high conviction rate because they choose to take on only the cases they believe they can win. If you’re facing federal prosecution, you need an experienced attorney beside you in court. An experienced attorney can help you decide whether to fight the charges against you or seek the most advantageous resolution possible for 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.
Photo Credit: w. marsh, via Flickr.com