Federal authorities arrested a Utah man in connection with a $65 million securities fraud scam. The scheme targeted investors in western states including Utah and California. The man faces charges of conspiracy, misrepresentations in the sale of investment opportunities. He also faces charges of theft from an elder and employing an artifice or scheme to defraud.
The man, who owned an investment firm known as Total Wealth Management, engaged in the sale of securities without proper licensure. He worked with at least two other individuals, including a California man. The US Securities and Exchange Commission sued the man in 2015, in an attempt to disrupt the scheme.
Investigators say that the man used client funds to pay SEC fines and legal fees. He also misappropriated client funds by disguising the fraud as administrative fees. Further, investigators found that the man accepted kickbacks from investments. They also discovered that many of the firm’s preferred investment vehicles were either bankrupt or close to it. In addition, the man had direct or indirect connections to many of the preferred investments.
The man regularly solicited new investors through a weekly radio program that focused on investments. In addition, investigators found that he regularly promised unprecedented returns on investments, or claimed to have made substantial gains, even during economic low periods.
California securities fraud lawyer
Federal prosecutors vigorously pursue people accused of financial crimes. The federal conviction rate is exceptionally high. That’s why you need an experienced securities fraud lawyer, if you’re accused of financial crimes. Those crimes may include securities fraud, wire fraud, mail fraud, investment fraud, theft and other similar crimes.
Robert Helfend practices law in the Los Angeles area, but takes federal securities fraud cases anywhere in the United States. Securities fraud cases are complex, so you need an aggressive, prepared and experienced lawyer who is not afraid to take on a zealous federal prosecutor.
Don’t assume that there’s nothing you can do to defend yourself, and don’t take a plea without consulting an experienced attorney first.
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.
Photo Credit: Nazir Amin, via Flickr.com