Three former executives of a phony Signal Hill firm have received federal sentences for securities fraud. The men operated an investment firm in Signal Hill that purported to build an Internet based banking system.
According to prosecutors, the men operated a company called Authotecq. Over a period of nine years, the men sold more than $11M in fraudulent, unregistered securities. The company targeted mostly elderly investors. The company produced no actual work, but the men used investor funds for luxury purchases, fine dining and personal expenses. Prosecutors originally filed the case against multiple defendants in 2012. After receiving a cease-and-desist order, the men continued to sell shares in the company.
One defendant received a sentence of 3 to 30 years in state prison. A second defendant received a sentence of eight years in prison, and the third defendant will serve three years. A fourth defendant in the case died while awaiting sentencing. The Department of Corporations, through the State Attorney General’s Office, prosecuted the case.
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 more than 35 years of criminal defense experience and takes cases in Los Angeles County. In his more than 3 decades of practice, he has successfully defended thousands of Californians.
Mr. Helfend is a top-rated defender, and fights aggressively for his clients. Both the federal government and the state can prosecute securities fraud. Securities fraud universally takes advantage of investors, but prosecutors work hard to convict defendants accused of targeting vulnerable individuals.
Your best defense strategy involves working with an experienced, aggressive defender. Don’t settle for an inexperienced attorney, and don’t assume that your best outcome involves a plea deal. 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: Artem Beliaikin, via Flickr.com