A former Maine lawmaker will spend time in prison for securities fraud following his conviction there this month. The man used some of the proceeds from his scheme to purchase a home in Cloverdale, CA. In addition, he renovated the home and lived there.
According to prosecutors, the man was a registered securities dealer and a former Maine lawmaker. He served as a financial consultant for two widows in Maine. As part of his professional relationship, he managed trusts for the two elderly women. One of the women also created a trust for her disabled veteran son. The securities dealer began writing checks to himself and his company from the trust. He also used trust funds to pay his personal expenses. He met with one widow weekly to discuss her finances, leading her to believe that her money was secure. The victim died in 2012, but investigators say the thefts occurred between 2010 and 2016.
The other victim, also elderly, allowed the defendant to manage her trust. She had been acquainted with the man’s family for decades and had known the man since his birth. As with the first victim, the man wrote checks to himself and his company from the widow’s trust. Investigators believe that the man defrauded the victims and their estates of more than $3 million.
He faced a total of 15 felony counts ranging from securities violations to tax evasion. A jury convicted him on all charges. This is not the first time he has run afoul of securities laws, however. In 2001, the State of Maine suspended his securities license for two years in 2002, following substantial violations. The suspension barred him from working as an investment professional during that time. Following his reinstatement, he served in the Maine legislature for two years. Following his most recent arrest, the State of Maine again suspended his securities license. Prior to the resolution of the current case, the state accused him of continuing to represent clients engaged in securities transactions.
Securities fraud attorney
When you face charges related to securities fraud, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has more than 30 years of experience in criminal defense. He takes cases in both state and federal courts.
Don’t settle for inexperienced counsel and don’t assume that there’s nothing you can do to defend yourself! 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: Mark Moz, via Flickr.com