Man faces wire fraud accusations amounting to almost $1 million
Fraud, like many white collar crimes, has certain categories. Wire fraud, in particular, is a category that is not just prosecuted at the local or state level but can be elevated to federal court as well. Once that happens, an accused can face harsher penalties and a possible minimum mandatory sentence that can be difficult to counteract. An Oregon businessman is currently facing such a predicament.
The 40-year-old Portland man began his alleged fraudulent enterprise eight years ago when he established companies to solicit investment money, stated a federal court indictment. The story begins when the accused allegedly fabricated two businesses and then told investors an intricate tale which included these businesses being bought and sold and then going bankrupt, thereby depriving investors of any profit. The businessman allegedly went as far as creating fictitious employees for the two companies and even fabricated legal counsel.
Two investors, who provided more than half a million dollars worth of investments, were given checks that amounted to more than $1.4 million. However, these checks proved to be fraudulent and, according to officials, the businessman used the money to pay for personal needs such as purchasing a luxury car and installing a swimming pool at his residence. He also gave $300,000 to a former girlfriend. He is facing federal charges of money laundering, wire fraud and using bogus checks. The man has pleaded not guilty to the accusations.
Oregonians in similar situations should bear in mind that a sound criminal defense can help counteract white collar crime charges. However, those accused of such crimes should act immediately to prevent any further legal complications.