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Fort Lauderdale Executive Sentenced to 11 Years for Fraud

Fort Lauderdale Executive Sentenced to 11 Years for Fraud

Posted By Parks & Braxton, PA || 8-Jul-2013

A Ft. Lauderdale man was recently sentenced to 11 years in federal prison for investment fraud. The case – which took place in a federal court in Manhattan – stems from an investigation dating back to 2011.

The man was arrested in November of 2011 for allegations of investment fraud. He was accused of defrauding investors out of millions of dollars in a scheme that promised early shares of Facebook and Groupon stocks – shares that the man claimed to own more than a million of in each company. Rather than investing the funds, the man simply used the illicit gains to furnish a lavish lifestyle. According to court reports, he had purchased a number of luxury items for himself and his family, including expensive jewelry, a highline boat, luxury cars, and a fleet of private jets.

When commenting on the egregious acts of the Fort Lauderdale executive, a U.S. District Judge stated that the hefty prison sentence was in every way warranted. He said that the 51-year-old executive "hurt a lot of people in a very serious way," and that he "left a lot of wreckage in [his] path." In addition to investment fraud charges, the man had also pleaded guilty to charges of money laundering, securities fraud, wire fraud, and conspiracy.

Understanding White Collar Crimes & Harsh Criminal Penalties

With fraudulent funds totaling millions of dollars, the Fort Lauderdale man's scheme was one of substantial proportions. Although his case may be one that warrants nationwide attention and media frenzy, it is certainly not rare. Financial crimes occur daily, and are quickly becoming some of the most profitable, prevalent, and devastating criminal offenses. Regardless of the precise charge, nonviolent crimes committed for financial gain – also known as white collar crimes – often subject accused individuals to extensive investigations, vigorous prosecution, and some of the harshest criminal penalties.

White collar crimes encompass a number of individual criminal offenses. From identity theft, counterfeiting, credit card fraud, and embezzlement, to mortgage fraud, money laundering, and tax evasion, the charges that fall into this category can vary. What does not vary, however, are the serious penalties at stake.

Given the serious nature of financial crimes, the multiple people they victimize, their involvement with banks and U.S. institutions, and the fact that they often occur in multiple states, these types of charges are often prosecuted as federal crimes. As such, the penalties are often heightened, with most charges carrying minimum terms of imprisonment. Prosecutors are also keen on pushing for the maximum sentence possible, and will frequently charge defendants with other related charges, such as in this case. Aside from the devastating prospect of incarceration, convictions for white collar crimes can also ruin one's personal and professional reputation, in addition to their financial future.

If you or your loved one is currently facing allegations for any type of white collar crime – including any fraudulent offense – take note of the harsh sentence this Fort Lauderdale man received. When facing federal allegations or when facing any financial crime charge, your life is often on the line. By working with Fort Lauderdale criminal defense attorneys who have more than 45 years of combined experience, you can ensure that you have the representation needed to protect your rights and your future. Skilled negotiators, talented trial lawyers, and experienced legal minds who have handled many cases in federal court, our attorneys are here to confidentially review your case, inform you of the charges and penalties you face, and fight relentlessly on your behalf. Contact Parks & Braxton, PA today.

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