There has been yet another individual arrested, charged and convicted with stealing from investors late last week. While this happened outside of southern Florida, it is an investment-fraud scheme that could easily have been perpetuated here. After years of running and hiding abroad, the 67-year-old man was finally extradited to the United States and brought before a federal court judge. The man ultimately pled guilty to mail fraud and may be sentenced to up to 20 years.

While the judge ordered his partner to pay $775,000 and it is possible that this individual will also be paying restitution, he and his partner had defrauded his victims of over $2.5 million. Obviously, the amount of investment losses far outweighs the amount of money his victims will be able to receive through the criminal justice system. In cases such as these it can be important to work with an investment fraud attorney. An attorney can help with both securities litigation and arbitration, both which could potentially help cover investment losses.

The men sought out 22 individuals for investments, promising that they would yield a 120 percent annual return. They guaranteed their victims that the investments were international bank debentures that carried no risk but were extremely high yield. Unfortunately, the men took the money and used it to pay for personal expenses and luxury goods. When investors started to get anxious for their returns, the men told them their money had been stolen. They also told the victims that they had signed an agreement that forbade them from talking to anyone about the investments.

Fortunately, however, some of the investors broke their silence and told the police about their suspicions.

Source: Superior Telegram, “Milosevich enters plea in investment fraud scheme,” Kevin Murphy, Jan. 18, 2013

EN   ES   PT     

Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182