Banker faces charges of embezzling $17 million

On Behalf of | Jan 5, 2014 | White Collar Crime

A search for a fugitive recently reached ended after authorities searched throughout Florida and Georgia for him. The man, accused of the white collar crime of embezzlement in both states, eluded capture for over a year. He was booked into jail by the Sheriff’s Office of Glynn County, Georgia. The sheriff’s office reported that he had been detained for giving false information to a law enforcement officer. Once in custody, he was held for transfer to federal authorities, who have been seeking him for a long time.

The man, 47, is referred to by the Federal Bureau of Investigation as a former investment banker and minister. The FBI has taken a strong role in the investigation and search process. They did not say exactly how or why the man was first detained in Glynn County.

According to allegations, the man orchestrated a scheme that started in a small town and then drew in residents from multiple states, including Florida. He is said to have defrauded 115 investors, raising about $40 million from them and then using that money fraudulently. The complaint against him says that instead of investing that money as he promised, he wired the money to his personal accounts. Once that was done, the complaint says, he altered documents to deceive investors into believing that the money had been used to buy U.S. treasury bonds.

Embezzlement is a serious offense. Many things can affect the charges associated with it, such as how much money was involved and which states it happened in. Anyone accused of a white collar crime like embezzlement may want to consult with an experienced criminal defense attorney to ensure he or she is advised of all the legal options that may be available.

Source: CNN Justice, “Georgia banker who allegedly embezzled $17 million captured after years on lam” Cristy Lenz and Greg Botelho, Dec. 31, 2013

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