On behalf of The Law Office of Gregory N. Smith
White Collar Crimes: Missouri Man Accused of Fraud
Making investments inherently carries a certain degree of risk. While a person could potentially make a great deal of profit, he or she could also lose everything. Unfortunately, federal officials claim that a man in Missouri defrauded people that he convinced to invest in his company. He now faces accusations of white collar crimes.
According to court papers, the 42-year-old man ran a company called 5A Holdings, LLC. From July 2015 to March 2018, he reportedly convinced multiple investors to invest in his company. Reports indicate that the man told investors that he would buy cattle from sellers who had a financial incentive to sell. He would then resell the cattle when the market was better; the investors would receive a share of the profits. Investors were reportedly told that the cattle had been examined by an experienced veterinarian and that the man now facing criminal charges had earned 20 percent in returns in previous years.
However, officials accuse the man of never buying any cattle. Instead, he is said to have used the funds for his personal use, including paying his mortgage and taxes. Reports indicate that he used some investors’ money to pay “returns” to other investors. He now faces several counts after officials claim he defrauded 89 investors of $4.7 million.
Cases involving accusations of white collar crimes can often be complex. In order to ensure that the claims are adequately addressed, many defendants want an attorney with experience with such charges in federal court. By having such a professional on his side, the Missouri man may feel more confident in the decisions he must make in the coming days.
Source: agdaily.com, “Missouri man indicted in $4.7M cattle fraud scheme“, April 4, 2018