A former Los Angeles resident who spent three years in federal prison for securities fraud is returning to New Mexico. According to investigators, the man moved to New Mexico after serving his federal sentence.
While there, he solicited funds from investors to build a major truck stop known informally as Truckers Paradise. Instead of building out the Savoy Travel Center, he paid off loans and used the money for personal expenses. He frequently solicited investors via newspaper ads in the Los Angeles Times.
In 2011, the suspect fled to Honduras after the Savoy Travel Center defaulted on a $16 million state-backed loan. Authorities in Honduras arrested the man as he attempted to leave the San Pedro Sula airport.
Federal authorities extradited him back to New Mexico to face charges of bank fraud, wire fraud and mail fraud. He also faces charges of conspiracy and defrauding New Mexico investors.
In 2012, the State of New Mexico fined the man and two business partners $375,000 for securities fraud. The state also found that the men sold securities without a license. A New Mexico state judge turned the truck stop over to a receiver, who subsequently filed for bankruptcy.
The suspect’s partners, who maintain they did not know of his criminal background, also face charges in the matter.
Ventura securities fraud lawyer
When you face federal charges for investment fraud, hire an experienced securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in federal criminal defense. He takes cases in any US federal district court.
Investment fraud cases can be serious. They’re often paired with other “fraud” charges, including mail fraud, wire fraud and bank fraud. These charges carry long federal sentences and large fines. That’s why it’s important to work with an experienced, aggressive criminal defense attorney who will fight for you.
Federal authorities choose their cases carefully, and often expect (and get) guilty pleas. As a federal defendant, you can fight the charges against you successfully. Don’t assume that a plea deal is your best bet.
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: Lars Plougmann, via Flickr.com