Just a reminder. Defending a SEC securities fraud case is not simply about the civil charges and penalties. Most securities law violation s are also criminal violations, and violators can be charged both civilly and criminally.
Case in point - a former deputy dean of MIT's business school and his son settled fraud charges with the SEC in 2012 for $4.8 million and a permanent bar.
Today federal prosecutors announced that the duo are going to plead guilty to criminal charges. According to CNN they face between two and five years in prison. They could also be forced to pay as much as $290 million in fines plus payments to victims.
According to the government the duo falsely told clients that their hedge fund was delivering annual returns between 16% and 23%, according to federal prosecutors, enticing investors to entrust more than $500 million with them.
They also falsely claimed that the money would be invested using a complex trading model based on research they conducted at MIT. In fact, they placed investor money with Bernie Madoff and the Petters Group Worldwide, both of which were later found to be Ponzi schemes.
Securities fraud cases require securities law attorneys, with the knowledge and skill that only decades of experience can provide.
For more information, Ex-MIT dean and son plead guilty to hedge fund scam - Aug. 12, 2014
If you are the victim of a Ponzi scheme or the subject of an SEC investigation, call our office. Our attorneys include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, We represent investors, financial professionals, and investment firms. For more information contact Mark Astarita at 212-509-6544 or email us.
