A former Los Angeles investment advisor will learn his sentence for securities fraud in March. Jeremy Drake appeared in federal court last week for sentencing last week. The judge postponed the final sentencing hearing to give both sides time to work out issues like restitution.
Drake, a former financial advisor with HCR Wealth Advisors, over-billed a high-profile athlete and his wife for wealth management services. For three years, Drake told the couple that they were paying a rate of .15%-.2% of their overall assets for services. Instead, Drake billed the couple at a 1% rate. This resulted in an overpayment of more than $1.2 million in fees.
Drake also falsified statements and other documents and sent false and misleading correspondence. He also created a fake persona in an attempt to persuade the couple that Drake was correctly advising them. Ultimately, Drake admitted the scheme, but warned the woman that disclosure could bring bad publicity to her husband. The victims have not been identified in court proceedings. The couple brought the matter to the attention of federal authorities. In addition to pursuing criminal charges, the SEC also instituted a civil suit against Drake. FINRA is seeking to permanently disbar Drake from working as a broker. HCR Wealth Advisors fired Drake in 2016, after the allegations surfaced.
In the hearing last week, the judge indicated that she was inclined to sentence Drake to a three-year prison term. Drake will return to court next month to conclude his sentencing hearing.
Los Angeles securities fraud lawyer
When you face criminal charges related to investment fraud, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes criminal cases in any federal circuit in the United States.
Mr. Helfend provides aggressive criminal defense in a wide range of federal criminal cases. He will work hard to get the charges against you reduced or dropped. When that’s not possible, he will work toward the best possible outcome for your case.
Don’t rely on inexperience to defend you in court, and don’t assume that a guilty plea is your best option. Instead, work with an experienced federal criminal defense attorney who will guide you through the court process.
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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