A former CEO of a major financial firm was recently charged with several counts of white collar crimes that included wire fraud, securities fraud and money laundering.
As of February 28, the former Chief Executive Officer of a notable firm situated in Austin, TX was scheduled to be arraigned in a federal district court to hear his multiple charges. A New York Criminal Layer notes that the man is alleged to have fraudulently raised $50 million from investors in a malicious and manipulative scheme that involved money laundering, wire fraud and securities fraud. The allegations go into greater detail by describing the fact that the defendant manipulated contacts from church as well as former NFL football stars to cultivate this scheme, which had the personal enrichment of the defendant as its primary motivating factor.
The Austin-based firm, which specializes in investments, was placed in receivership in 2009 by the judge presiding over the case in its initial development. This event was a result of the sobering fact that the U.S. Securities and Exchange Commission (SEC) took action against the firm by way of a securities lawsuit. Though the defendant and former CEO of the firm is facing a major indictment of 39 counts, A Brooklyn Criminal Lawyer explained that is has not yet been revealed what the outcome of the indictment was. What is known is that, according to authorities, the man did not act merely on his own behalf. It appears that his investment manipulation also benefitted the Chief Financial Officer of the Austin-based firm, who is not named.