A securities fraud suspect accused of defrauding seniors of more than $2M had his bail reduced. The suspect, an El Dorado Hills resident, faces 126 felony charges of financial fraud. Initially, the judge set the suspect’s bail at more than $4M.
Attorneys from the California Department of Justice argued that the suspect warranted a high bail. They claim that the man attempted to instruct investors to mislead state investigators. In addition, the suspect faces as much as 134 years in prison, if convicted. After hearing arguments regarding the man’s flight risk, the judge reduced his bail to $200,000.
In addition to the lowered bond, the man must have no contact with the investors. He must also surrender his passport and wear an electronic tether. Additionally, the judge scheduled a hearing to determine whether the suspect’s bail came from illegal activities. Finding that it did not, the judge declined the CDOJ’s request to restore the man’s initial bail.
California DOJ officials first noted the suspect’s activities following a complaint in November 2016. During the investigation, they discovered fictitious client account statements and evidence that the suspect used client money for personal expenses. In addition, the suspect promised his investors a generous, fixed rate of return.
The suspect will return to El Dorado County Court on September 4 for a preliminary hearing.
Ventura securities fraud lawyer
Financial fraud can take place anywhere and can impact investors no matter where they live. When you face a financial fraud charge, hire an experienced, aggressive securities fraud lawyer like Robert Helfend. Mr. Helfend has more than 30 years of experience in courtroom criminal defense. He takes cases in Ventura County and throughout Southern California.
Financial fraud cases get a lot of attention, especially when they involve a lot of money. As much as victims want retribution, they also want restitution. When given a choice, they prefer restitution over punishment. An aggressive criminal defense attorney can use this to his client’s advantage. When a defendant cannot avoid a conviction, a short prison term enables the defendant to concentrate on restitution. A long prison term frustrates the goal of restitution.
Your best defense strategy begins with an experienced aggressive attorney – one who will fight for you. Robert Helfend has a reputation for being an aggressive, dedicated criminal defense attorney. He doesn’t judge his clients based on the charges against them. Instead, he goes to work to get the charges against them reduced or dropped altogether.
Don’t settle for an attorney who won’t fight for you, or is interested in settling immediately. 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: Mike Cohen, via Flickr.com