According to prosecutors, the man transferred $18M in advance fees to several companies he controlled. By themselves, advance fees are illegal. Once the man transferred the funds, he failed to declare them on his income tax returns. The Internal Revenue Service, the Federal Bureau of Investigation and the Securities and Exchange Commission assisted in the investigation.
The fund manager’s accountant also faced charges in the matter. A federal jury convicted him of three counts of aiding and abetting the production of a false tax return. According to prosecutors, the accountant prepared tax returns that claimed the fund manager made less than $0 in income. He also advised the fund manager to characterize the illegal advance fees as loans.
A federal judge denied the accountant’s motion to acquit him. The judge also denied the accountant’s motion for a new trial. Instead, the accountant received a sentence of 8 months in federal prison for his role in the scheme.
California securities fraud lawyer
When you face investment fraud charges, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in federal criminal defense. He takes federal criminal cases in any circuit in the United States.
Investment Fraud can be a serious charge that can yield a prison term of years. It also opens you up to other charges, like tax evasion, wire fraud and mail fraud. These long-term federal felonies can put you in prison for decades.
That’s why it’s especially important to have an experienced federal defense attorney with you in court. Federal prosecutors are aggressive and may make it seem like pleading guilty is your best option. That’s not true! Don’t rely on an inexperienced attorney, and don’t let the prosecutor dictate terms to you!
Hire an experienced federal criminal defense lawyer and see what a difference it can make for you. Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
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