(201) 488-7707

New Jersey man faces 800 years in prison for alleged fraud

|

Crimes involving money typically carry harsh sentences, and with recent
national scandals and the economic downturn, they are being even more
carefully scrutinized. A New Jersey man will now stand trial next year
for allegedly committing fraud. He is accused of starting a $200 million
Ponzi scheme.

The man could face 800 years in prison and $11 million in fines if the
court finds him guilty on all the charges. His trial is now scheduled
for Jan. 7, 2013, which will be over two years since his initial arrest.
He will remain on an ankle monitoring system until his trial, and has
to have any of his financial transactions over $1,000 approved.

These charges are extremely serious. The man could potentially spend the
rest of his life in prison. Given the severity of the charges and the
amount of money he allegedly defrauded people of, his trial will likely
garner a lot of media attention. This attention may make it difficult
to receive a fair trial. It could also severely stain his reputation even
if he is proven innocent.

He will likely have to build a rigorous criminal defense to defend against
the 45 counts against him, which include wire fraud, bank fraud and money
laundering. An experienced New Jersey criminal defense attorney can help
someone in a similar situation build a solid defense, make sure the accused
rights are ensured, including making sure investigators obtained information
and evidence legally, and try to protect their reputation from the scrutiny
of the media.

Source: Asbury Park Press, “$200M Ponzi scheme trial set for next year,” Bill Bowman, Jan. 20, 2012

Categories: 

Share To:

  • Prev Post

  • Next Post

Bergen County Criminal Defense Attorney | Law Offices of Joseph R. Donahue, LLC