An investigation by the California Department of Insurance and FBI has resulted in a guilty plea from a 62-year-old Fresno man who operated an insurance brokerage and benefits management company. The man acknowledged that he spent $6,089,500 in clients' funds on personal and business operating expenses.
Preparing for time in a federal prison
When you are facing criminal charges, there are many potential outcomes of the case. If you are convicted of a federal charge, you might be facing time in the federal prison system. You should prepare for possible time in prison if you have been convicted and are awaiting your sentencing hearing.
Trial of California man results in Ponzi scheme conviction
A 69-year-old man residing in Roseville received a guilty verdict from a jury after a weeklong trial in federal court in San Francisco. He had been accused of misleading Japanese investors in a classic Ponzi scheme that paid early investors with cash supplied by new investors. Damages to investors totaled $6.8 million. The jury convicted him of conspiracy to launder money, money laundering, conspiracy to commit wire fraud and 17 counts of wire fraud. He now awaits his sentence.
Woman pleads guilty to embezzlement
On April 23, a 51-year-old California woman pleaded guilty to the embezzlement of $114,304. She received a sentence of three years probation.
