New Jersey Federal Wire Fraud Charges against Financial Advisor
A Fair Haven financial adviser is facing charges for federal wire fraud in New Jersey for allegedly cheating his clients out of more than $7 million according to this report. Prosecutors investigating the case claim that Maxwell Smith promised his investors returns of up to 9 percent on investments in health care facilities. They claim that Smith deposited investors’ funds into his own bank account instead of investing them and used some of the funds to pay interest to his clients.
A New Jersey judge recently froze Smith’s assets after a lawsuit was filed by a Hanover man who claimed he had lost $9 million in the alleged investment scheme. Smith remains free after posting a $1 million bail, but faces up to 20 years in a New Jersey state prison if convicted on the wire fraud charges.
A wire fraud conviction can result in more than a lengthy prison sentence. Those convicted of wire fraud also face steep fines, probation, the loss of professional licenses, the inability to obtain certain types of jobs, and a permanent mark on their record. Frequently, people under investigation for wire fraud and other white collar crimes know that they are under investigation before any charges are formally filed. If you or someone you care for believes they are under investigation or about to be arrested for a white collar crime, it is very important to contact the skilled New Jersey white collar crime lawyers at criminal defense law firm Lependorf & Silverstein as soon as possible.
By being proactive, you enable their New Jersey white collar crime attorneys to launch an immediate investigation into the charges and begin building a vigorous defense against the charges. To schedule a free consultation with experienced New Jersey criminal defense attorneys, call criminal defense law firm Lependorf & Silverstein today at 609-240-0040.
