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White collar crimes charges filed after alleged identity fraud

On Behalf of | Sep 9, 2019 | White Collar Crimes |

The consequences of being charged with identity fraud and wire fraud are serious for anyone in Michigan or elsewhere. A 24-year-old man was recently indicted by a federal grand jury in another state on white collar crimes charges. He is accused of defrauding an elderly victim to the value of $800,000 during a period of less than one year.

According to court documents, the accused man was employed as a call center worker, and he was an employee of a financial institution. The indictment alleges that the man presented himself to the elderly victim as an adviser with financial management and investment skills. He allegedly convinced the victim to allow him to invest and manage the victim’s assets. The alleged fraud started around Dec. 2018 and continued through February this year.

The indictment details the allegations as getting access to the victim’s assets and authorizing to make transfers of funds to brokerage accounts of the alleged fraudster’s choice. He then allegedly diverted funds from those brokerage accounts and other bank accounts to accounts that he controlled to be used for personal benefit. Furthermore, the man is accused of naming himself as a beneficiary of one of the new brokerage accounts in the victim’s name without any authorization or consent.

No arrest or even an indictment on white collar crimes is proof of guilt. A grand jury indictment determines that a basis exists for bringing criminal charges. If guilt is not proved without a reasonable doubt, the defendant will remain innocent in the eyes of the law. For this reason, it is crucial for a Michigan defendant to have an experienced criminal defense attorney to work on a defense that will bring the most favorable outcome.