On Aug. 7, a California man pleaded guilty to fraud charges in federal court. The 61-year-old Sherman Oaks resident is scheduled for sentencing on Oct. 15.

According to prosecutors, the defendant was the CEO of the Woodbridge Group of Companies and used his position to operate a $1.3 billion real estate Ponzi scheme between July 2012 and December 2017. During that time, he and his co-conspirators used high-pressure sales tactics to solicit funding from more than 9,000 investors, claiming the investments were low-risk. In return, the investors were given promissory notes that claimed to pay high monthly interest rates. However, they never received a return on their investments. Instead, the defendant used the money to purchase a long list of luxury items, including a $6.7 million home, $3.1 million in charter flights, $2.6 million in home renovations and various pieces of expensive art and jewelry. He also used $1.8 million of the money to pay his personal income taxes.

The defendant pleaded guilty to conspiracy to commit wire and mail fraud and tax evasion. As part of a plea deal, he agreed to forfeit over 600 bottles of vintage wine, two black diamonds, a pair of white gold earrings, a 1969 Mercury convertible, paintings by Chagall, Picasso and Renoir, and other items. He faces up to 25 years in prison.

People who have been charged with criminal fraud could face decades in prison and steep fines if they are convicted. Given the stakes involved, many choose to retain a criminal defense attorney to protect their rights and combat the accusations. For example, some cases might have weak evidence that can be successfully challenged in court, causing the charges to be dropped.

No Comments

Leave a comment
Comment Information
We Can Help

Discuss Your Case With An Experienced, Dedicated Criminal Defense Attorney Today. Call 213-785-6839 For Your Free Consultation.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

office Location

23679 Calabasas Road
Suite 412
Calabasas, CA 91302-1502

Phone: 213-785-6839
Fax: 213-489-5923
Map & Directions

Get Driving Directions