Newport Beach Man Sentenced to 15 Years for Fraud

A former stockbroker from Newport Beach has been sentenced to 15 months in prison for his role in an investment scheme that was designed to defraud an investor of $1 billion. According to a news report in The Daily Pilot, in 2006, the 71-year-old man and his co-conspirators promoted a bogus plan they claimed was regulated by the Federal Reserve Bank with the purpose of raising money for charitable purposes including relief for Hurricane Katrina victims.

Prosecutors said that the scheme promised an “extremely high return” at little or no risk to the principal. Of the three men involved in the scam, two received 30-month prison sentences. All three were convicted in July 2012 of conspiracy, mail fraud, and wire fraud.

Fraud is an example of what is known as a “white-collar crime.” Generally speaking, fraud is the use of deceit or trickery for one’s personal gain – often, financial gain. Fraud schemes may be simple or highly complex. Typically, fraud does not involve physical violence. If you have been charged with any type of fraud in Orange County, it is important to seek the counsel and guidance of an experienced criminal defense lawyer who will protect your rights and help you mitigate the consequences to your life.

Fraud is often charged as a federal crime. A conviction could result in lengthy prison time and hefty fines. Individuals convicted of fraud also struggle with finding gainful employment. The consequences of a fraud conviction are significant.

David A. Stein is a distinguished criminal defense attorney and trial lawyer. He has a successful track record of defending fraud charges. Contact us at 949-445-0040 today if you are facing fraud charges for a free confidential consultation.