A man who pleaded guilty to being involved in a swindle that involved an international trading program that never existed was scheduled to be sentenced in a Pennsylvania court on Aug. 14. According to the report, the man, who was based out of Fort Meyers, Florida, was indicted in December of wire fraud. He ultimately pleaded guilty to the charges in March.
The man's company, which was called Worldwide Funding Ltd., reportedly raised millions from investors, and the funds were put into more than one bank account. The company's account that was located in Tampa, Florida, received several payments. It was stated that the investors' money would be returned to them.
Ultimately, the U.S. Securities and Exchange Commission led an investigation against the convicted man, a Florida-based attorney and several others. In July, the attorney who was involved in the swindle was ordered to pay a consent judgment of about $4 million.
Those who are charged with fraud may find themselves facing serious consequences if they are convicted. Depending upon the amount of money that was allegedly stolen, the consequences could include a lengthy prison sentence, the requirement to repay the money that was believed to be taken and a conviction on an accused individual's criminal record.
In some cases, a criminal defense attorney could uncover evidence that the accused was not involved with an alleged scheme or played an unwilling role in the alleged scheme. The authorities may have failed to properly follow investigation procedures or executed an illegal search warrant, which could potentially result in a dismissal of some or all of the charges by making some evidence inadmissible in court.
Source: Pittsburgh Business Times, "Man behind international loan scam being sentenced in Pittsburgh courtroom", Patty Tascarella, August 14, 2014