On behalf of The Marks Law Firm, L.L.C. posted in Fraud on Thursday, July 12, 2012
One man recently pleaded guilty for his involvement in a Missouri-based fraudulent securities scheme that allegedly swindled various investors out of $7 million. There are numerous types of white collar crimes that can result in this type of financial impact on investors. However, in this case, the man has pleaded guilty to fraud. Fraud is a crime that has the ultimate goal of depriving a corporation or individual of something of value.
The man was facing accusations and charges of federal conspiracy and wire-fraud charges. He recently admitted to authorities that he targeted 180 Christian investors. He convinced the investors to put money into a non-existent oil company that allegedly was worth $284 billion.
The man will be sentenced in November. He could face up to five years in prison.
There were a total of 12 people that sold shares of the fraudulent oil company through e-mails, conference calls and other meetings, and all are facing criminal charges. This man was the seventh of the 12 defendants to plead guilty.
As evidenced by this case, the consequences of a fraud conviction can be very serious. However, an experienced criminal defense attorney will work to mitigate any potential penalties.
The man in this case admitted his involvement in the scheme. However, in cases where individuals maintain their innocence, the prosecution is required to prove its case beyond a reasonable doubt. This means that if the defense can prove there is doubt as to the defendant’s guilt, the charges should be reduced or dismissed altogether.
Source: The Republic, “Globe man pleads guilty in securities fraud,” Robert Anglen, June 28, 2012