According to federal prosecutors, the man solicited more than $200 million in investments for an online education company. Last year, a federal jury convicted the man of nine counts of wire fraud and one count of conspiracy to commit wire fraud. The man told investors that the company sold web-based educational courses for children. Additionally, he told prospective investors that they could quickly recover their investments at a significant profit, and that investors would receive preferential treatment for the company’s IPO. In reality, investors needed to recruit other investors in order to see any return on their investments.
The man, along with other co-defendants, promoted the plan on YouTube and other Internet sites. They also relied heavily on investors for introductions to other potential investors.
The scheme operated between 2011 and 2014. Four other co-defendants have already received sentences ranging from 1-3 year in this case. Because the New York man was the scheme’s operator, his sentence is significantly longer.
Los Angeles securities fraud lawyer
When you face charges related to investment fraud, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has 35 years of federal criminal defense experience. He takes cases in any federal District Court in the United States. He also takes state level criminal cases in Los Angeles County and throughout Southern California.
Federal prosecutions are aggressive. To be successful here, a defendant must choose an experienced, aggressive defense lawyer. Federal prosecutors have a very high conviction rate, largely because they only choose cases that they know they can win. This puts defendants without the right legal help at a significant disadvantage.
Mr. Helfend manages each case personally, so you’ll always have the benefit of his experience. He won’t pass your case to less experienced attorneys and he does not automatically recommend plea agreements.
Don’t rely on an inexperienced attorney when your freedom is at stake. 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 or federal securities fraud case.
Photo Credit: Lucélia Ribeiro, via Flickr.com