Thorough. Aggressive. Honest.

Financial consultant accused of committing white collar crimes

On Behalf of | Nov 11, 2019 | White Collar Crimes |

Managing the wealth of others has tempted many financial consultants in Michigan and elsewhere over the years. In one such case, a man was recently indicted in federal court on securities and wire fraud charges. He is accused of being involved in two fraud schemes. Unfortunately, the temptation to commit white collar crimes can be overwhelming for some individuals who work with millions of dollars belonging to others.

The first alleged crime involves a Ponzi scheme by which, according to federal officials, the man solicited about 100 investors to let him manage their investments. He allegedly promised them stock trading returns as high as 20%, every 60 days. Allegedly, the defendant lost most of the clients’ funds and then used the money of new investors to cover the losses. According to the government, the amount involved exceeds $2 million.

In the second scheme alleged, the consultant is accused of defrauding his employers. Federal officials assert that the man embezzled funds from the accounts of two hotels belonging to his employers. They claim the amount involved in this scheme is over $400,000, which he purportedly removed from the hotel accounts and structured transactions to transfer the funds into bank accounts under his control.

Defending white collar crimes charges is a complicated process, particularly in federal court, and typically involves mountains of paperwork and trails to follow. For this reason, most people in Michigan who are accused of similar crimes secure the services of an experienced criminal defense attorney. With skilled legal counsel in their corners, the chances of defendants to obtain the best possible outcomes are increased.