Earlier this year, the Second District Court of Appeals informally upheld a plea agreement by two former Southern California mortgage brokers that allowed the defendants to avoid trial and pay restitution of just over $100,000 in a securities fraud case that involved investor losses of more than $8 million.
A local San Luis Obispo judge initially overturned the plea agreement, but was instructed by the appeals court to reinstate the plea agreements for Rodney Jarmin and Tammy Jordan, who owned a firm called Real Property Lenders. In 2011, the District Attorney filed seven felony counts against the pair, including securities fraud. Prosecutors alleged that Jarmin and Jordan had failed to inform new investors that developers had defaulted on loans made by RPL and that the pair had stopped paying dividends on investors’ loans to the company.
In 2015, prosecutors and the defendants’ attorneys reached a plea deal that reduced all seven felony counts to misdemeanors, but prosecutors later objected to the deal and the judge in the case eliminated the plea agreement and rescheduled the trial on the original charges.
Defense attorneys for the pair argued that the judge should not have overturned the original plea agreement, and that it should still be in force. The Appeals Court agreed and indicated that the Superior Court should either accept the plea deal, or allow the prosecutors to plead their case to the Appeals Court.
The Superior Court reinstated the plea deal and the Jarmin and Jordan were sentenced according to the terms of the original deal. As part of the plea agreement, the pair received no jail time, and was ordered to make restitution to the investors in the amount of $114,000.
Ventura County securities fraud lawyer
Securities fraud charges are complex, and criminal cases often involve plea agreements. If you’ve been accused of securities fraud, your first move should be to hire an experienced criminal defense attorney who will aggressively fight to get the charges against you reduced or dropped.
As this case shows, reducing the severity of the charges can have a major impact on sentencing and restitution in a plea agreement. Don’t risk your freedom on an inexperienced attorney or one who won’t fight for you in court.
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: WoodleyWonderworks, via Flickr.com