In addition to her incarceration term, the woman must complete three years of supervised release and pay $27.5M in restitution. Many of the woman’s victims were elderly or were approaching retirement age. When authorities arrested the woman, her clients discovered that their retirement funds were gone. The woman was a certified public accountant, but she was not a licensed broker or dealer. The majority of her investors allowed the woman to manage their retirement portfolios. One victim lost in excess of $12M.
Prosecutors characterized the scam as a classic Ponzi scheme. The woman used some investor funds to make payments to other investors. She told her victims that the payments were returns on their investments. She also used the funds to pay her own expenses and buy real estate. To sustain the Fraud, the woman created fake documentation and investment portfolios. In March, in a civil action, the Securities and Exchange Commission also charged the woman with fraud.
Long Beach securities fraud lawyer
When you face charges related to investment fraud, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has 35 years of experience exclusively in criminal defense. He takes federal cases in any US District Court. He also takes state cases in Los Angeles County and throughout Southern California.
Investment fraud is particularly interesting to federal prosecutors because of the money involved. At the same time, investment fraud doesn’t always affect only affluent investors. It often impacts investors who cannot afford to lose their retirement or other savings.
Federal prosecutors are both persistent and aggressive. That’s why you need an experienced criminal defense attorney on your team. Mr. Helfend does not judge his clients based on the charges they face. Instead, he simply works hard to get the charges against them reduced or dropped.
Don’t risk your freedom on an inexperienced attorney, or one who doesn’t know how to defend you in federal court. 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: Calita Kabir, via Flickr.com
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