The Law Office of Bruce C. Bridgman Articles Irvine Man Sentenced in Fraudulent Gold Investment Case

Irvine Man Sentenced in Fraudulent Gold Investment Case

By Law Office of Bruce C. Bridgman  Nov. 5, 2012 12:08p

47-year-old W.S. was charged a total of 17 felony charges in connection to a gold investment scheme in which a woman turned over $288,000 in cash to him. W.S. pled guilty to the offense which occurred in March of 2011. Prosecutors with the Orange County district attorney's office claimed that W.S. convinced the 51-year-old woman to invest in a fake investment scheme involving gold which would have enormous returns. The woman gave him $58,000 on one day and then sent W.S. an additional $180,000 via wire transfer the next day. The woman gave the defendant another $50,000 later on. She thought the money was being invested in gold purchases which would bring her a substantial amount of money on top of her investment. Instead, prosecutors say that W.S. put the money into several personal accounts and spent it on himself. Purchases he allegedly made with the woman's money included a high end luxury car, house payments and others. Prosecutors said that the man never used the money as intended for gold purchases. Don't face theft, fraud or other white collar crime charges on your own. Get the skilled representation of a criminal defense attorney right away.

Defendant Pleads Guilty to 17 Felony Counts

W.S. pled guilty to a total of 17 felony charges including one count of residential burglary, three counts of grand theft and 13 counts of money laundering. He was recently sentenced to 10 years in state prison and has been ordered to pay a fine and restitution totaling nearly $600,000. Grand theft is charged any time the amount stolen (or value of items stolen) is greater than $950. Aggravating circumstances can increase the penalties assessed against a person convicted of any theft crime. Any instance of using (or attempting to use) a financial institution in order to disguise the fact that money was obtained through an illegal activity is considered "money laundering". Money laundering is punishable by up to one year in jail and up to $250,000 in fines.

Criminal Defense Lawyer for Orange County

It is important to understand that even if no violence was involved in an alleged theft or fraud offense, the penalties can be substantial upon conviction. You need a qualified, driven defense attorney that will do everything possible to protect your rights and prevent serious imprisonment and fines. A lawyer with the Law Office of Bruce C. Bridgman has successfully represented clients in cases involving burglary, fraud, embezzlement, forgery, tax fraud, identity theft, counterfeiting, money laundering, larceny, extortion, bribery, RICO Act violations and others. Contact the firm now to schedule a free initial consultation!

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