Hedge fund boss faces charges in $1 billion fraud case

Federal authorities announced last week that they are unsealing an indictment which charges a hedge fund boss and several deputies in a major fraud case, involving 1$ billion. In federal courts, you are charged with an indictment which is issued by grand juries. The indictment is the formal document that lists the charges against you and justifies your arrest and seizure of property for evidence.

In this case, the indictment charges several people with a major fraud allegation. It appears, per the indictment, that the hedge fund and a union boss colluded to steer union money into the hedge fund. Federal authorities allege that the union boss received tens of thousands of dollars to ensure that union dollars went into the hedge fund.

White collar crimes are difficult to defend because they involve months, sometimes years of investigation. Most federal authorities do not risk their reputations and careers (remember these hedge fund types are rich and likely have powerful friends) unless they are sure that they have their suspect. As such, many of these cases revolve around damage control, rather than outright innocence. Furthermore, you need to consider practical concerns, like jury bias. Most jurors are unable to relate to millionaire and billionaire suspects.

Are you facing criminal charges? If yes, you should contact a defense attorney at your earliest convenience. Just because the judge let you out on bail, does not mean that you are going to beat the charges. A defense attorney can help you prepare a defense to ensure that your rights are respected. Even billionaires are arrested and charged with crimes, don’t think that you can avoid the law. A lawyer can help you confront the charges.

Source: The Guardian, “Platinum Partners: hedge fund bosses face charges in $1bn fraud case,” Guardian Staff and Agencies, December 19, 2016