Two Long Island, NY residents who targeted elderly investors will spend 6-10 years in federal prison for securities fraud. The men were just two of more than a dozen people indicted in the scheme in July 2017.Other indicted participants worked in Los Angeles, San Diego and St. Petersburg, FL.
Investigators said the team operated a “pump-and-dump” investment fraud that targeted vulnerable investors. The participants sold essentially worthless stocks whose price had been artificially inflated. The two Long Island residents operated a “boiler room” that tried to pressure investors to purchase the inflated stocks.
As part of the plea agreement, one man pleaded guilty to securities fraud, wire fraud and money laundering. The other man pleaded guilty to conspiracy to commit wire fraud. The judge in the case ordered both men to pay restitution to their victims. The judge also ordered them to forfeit assets.
In some cases, the men told investors that the Walt Disney Company was about to purchase a stock he was selling. Another pitch led investors to believe that a stock being offered had similar potential to Twitter. Two other participants have already been sentenced in the scam. Four participants are still awaiting trial and the rest have pleaded guilty and are awaiting sentencing.
Los Angeles securities fraud attorney
When you face federal or state charges related to investment fraud, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has 35 years of experience in criminal defense. He takes federal cases in any US District. He also takes state-level cases in Los Angeles County and throughout Southern California.
Mr. Helfend practices criminal defense exclusively and directly manages every case he accepts. He does not pass cases to less experienced attorneys. This practice can sometimes happen in larger, less personal law firms.
His plain-English style also means that you’ll always know the exact status of your case. He will accompany you to every court appearance and will help you navigate the federal justice system.
Don’t settle for an inexperienced attorney and don’t assume that a plea bargain is your best defense strategy. Instead, 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: Richard Blank, via Flickr.com