Federal prosecutors likened the case to a modern-day, high-tech Ponzi scheme. In addition to conspiracy to commit wire fraud, the men also face charges for selling unregistered securities.
According to investigators, the scheme operated from 2014 until last month. The scheme sold shares of “cryptocurrency mining pools” to Investors. It also provided incentives for investors who recruited other investors. The operators distributed “false and misleading” earnings reports for the investors. A Camarillo man produced videos to promote the scam to potential investors.
The group targeted unsophisticated investors who would not be likely to understand how the investments worked. Beginning in 2015, the men inflated investment earnings reports to entice more investors into the scheme. In 2017, they produced phony reports showing that returns were slowing. During this period, one of the scheme’s principals attempted to cash out.
If convicted, the men face as much as 25 years in prison and fines exceeding $250,000 each.
Los Angeles Fraud Attorney
When you face federal fraud charges, your best defense begins by hiring an experienced federal fraud attorney like Robert Helfend. Mr. Helfend has more than 35 years of experience in federal criminal defense. He takes federal defense cases in any US District Court. He also takes California defense cases in Los Angeles County and throughout Southern California.
Federal prosecutors are aggressive. They have a very high win rate in court because they don’t charge defendants if they’re not certain they can win in court. To succeed as a defendant, you need to have experienced Federal defense counsel in your corner.
Mr. Helfend has a reputation for being an aggressive defender of his clients’ rights. He will work tirelessly to get the charges against you reduced or dropped. When that is not possible, he will work hard to get the best possible resolution to your case.
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 fraud case.
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