The man convinced investors to pay for a fixed portion of drilling and exploration costs in exchange for production royalties. He inflated the investor costs by as much as 800% and pocketed the difference between the actual and stated costs.
He oversold shares of drilling operations, commingled investor funds among multiple projects, and diverted investor funds for his own use. In addition, he understated his income by at least $4.5 million in 2014 alone. During that year, he did not file a Federal tax return or make any federal tax payments.
He pleaded guilty to Securities Fraud, engaging in illegal monetary transactions and tax evasion. He faces at least 12 years in federal prison as part of a plea deal in the case. He must also pay $350,000 in fines and must make restitution to his victims.
Federal securities fraud attorney
When you face federal charges for investment fraud, hire an experienced, aggressive securities fraud attorney like Robert Helfend. Mr. Helfend takes federal defense cases in any circuit in the United States. He also takes state cases in Southern California.
Federal prosecutors are well funded and aggressive. You cannot approach a federal defense without excellent representation. Many defendants choose to plead guilty because the prospects of going to court are overwhelming. You don’t have to plead guilty and a conviction is not automatic. When you work with an aggressive, experienced federal defense attorney, you can get good results!
Don’t settle for an inexperienced attorney or one who isn’t prepared to fight on your behalf.. 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.
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