New York Man Pleads Guilty To Being Royalty
A New York financial money manager pleads guilty to lying. The man told investors he was related to the Royal Family in Belgium and cooked up an investment scheme that he said they supported. A New York Criminal Lawyer claims the man then managed to get almost $7 million worth of money out of clients to invest in his made up scheme.
This scheme took place in late 2007 and 2008. The New York Criminal Lawyer says that this scheme is one of reasons why the economy turned south in 2008. There were many financial managers at the time that had made false statements to their clients about financial dealings. All of the managers who were lying at the time contributed to the downfall of the economy and the downfall of the trust that investors place in financial managers.
A New York Criminal Lawyer also states that the man pleaded guilty in order to receive a lighter sentence. He expects that when he goes back to court in February that he will receive three to nine years behind bars. He will also have to repay the money that he cheated his investors out of in the scheme. He created the scheme and made up the family relations in a desperate bid to save his flailing business. He is currently free on bail until sentencing, where he is then expected to immediately have to report to federal prison. There is no word if he had associates in the scheme.
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