On behalf of Mihalek Law posted in Securities Law on Friday, June 5, 2015.
It is not uncommon for individuals throughout the nation to put in many years at work so that someday they might be able to retire and have enough to money to live the life they wish. To try to make retirement occur earlier, or to improve their quality of life, upon retirement, some people decide to make investments. These are usually made with the assistance of experts in the financial field.
While in many situations the individuals contacted to assist with the matter do their job well, unfortunately there are some occasions upon which those professionals do not live up to the standard laid out for them. Depending on what they are accused of doing, when caught, those individuals could face criminal prosecution.
Recently it was announced that a former politician was found guilty of stealing millions of dollars from unsuspecting investors. Investors likely felt comfortable working with him since, in addition to having served as a state representative, he was an anti-money laundering specialist and also a CPA.
Despite this background, the man nonetheless lied to investors and lost close to $5 million of their money. One couple indicated that the lost almost $400,000. The cash was their life savings.
He was found guilty of 13 felony charges and could face time in prison.
While it is safe to say that those investors, who thought they were being smart when they hired him, are probably pleased with the outcome of the criminal trial, it does nothing to change the fact that they lost a lot of money. Getting that money back could be very difficult. As a result those seeking to pursue that route would benefit from working with a lawyer.