Federal prosecutors have indicted a Los Angeles Area man and a New Jersey attorney on securities fraud charges. Imran Husain and Gregg Jaclin have been charges with a range of securities violations for their roles in a long-running scam.
Husain and Jaclin are accused of operating a fraudulent scheme to create and sell publicly traded shell companies that according to prosecutors “have no real business or purpose.” Prosecutors allege that from 2006 to 2013, Husain and Jaclin created at least nine shell companies, which Husain controlled completely. Stock in the shell companies was sold, netting the pair hundreds of thousands of dollars in sale proceeds and attorney fees.
Prosecutors allege that Husain and Jaclin conspired to create phony companies, create bogus SEC filings, establish fraudulent corporate structures, and create the appearance of a functional, legal corporation through straw shareholders that were given money to buy shares of the fake companies. Once the companies were established, Husain and Jaclin attempted to sell the worthless shell company to a new owner. According to authorities, Husain and Jaclin made close to $3 million while the scheme was operating.
An exceptional securities fraud attorney
If you’re arrested for violations of the Securities Act, you’ll need an exceptional, aggressive securities fraud attorney like Robert Helfend. Robert Helfend has more than 30 years of experience in providing effective, aggressive federal criminal defense. He handles each case personally, and will not pass along your defense to a less experienced partner. You’ll always work directly with Mr. Helfend on your case.
When you’re facing federal fraud charges, your best strategy is to work with an experienced securities fraud attorney. 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.
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