In September of last year, a Louisiana man was arrested in Alabama and charged with fraud and unregistered sales. This year, that same man has again been arrested on charges of defrauding investors. According to reports, the suspect turned himself in earlier this month before being released on a $15,000 bond.
Allegedly, the Louisiana man made false statements or omitted important facts while selling securities, including interests and stocks, to an Alabama couple. The allegations also claim that he pooled funds from investors and then did not use those funds in the manner that he claimed he would, instead using the funds for other purposes, including unauthorized investments, paying unrelated expenses and more. Because fraud charges such as this are Class B felonies, the consequences of a conviction could be up to 20 years of incarceration and up to $30,000 in fines per charge. The sale of security registration is considered a Class C felony, which could mean up to 10 years of imprisonment and up to $15,000 in fines.
The Louisiana man is facing two charges of each crime, meaning that he could be sentenced to up to 60 years in prison and up to $90,000 in fines if he is convicted of all charges. This possibility is made all the more frightening by the fact that he has been previously arrested on similar charges, which could make him appear even more guilty.
If you are facing charges of fraud or any other white collar crime, it is imperative that you seek the aid of an attorney, especially if you have previously been charged with similar criminal activities. The penalties for white collar crime are often extremely expensive, and could also mean years of your life lost in prison. You must defend yourself, and a criminal defense attorney can provide additional legal advice that might be the difference between conviction or acquittal.
Source: Alabama, “Louisiana man faces new charges of defrauding Alabama investors,” Jonathan Grass, Apr. 12, 2015