Monday, January 14, 2013
Leon Randy Sinclair recently pled no contest to a charge of misapplication of fiduciary property. On March 14, a judge will decide his sentence. His clients trusted him with their life savings and they ghought that Sinclair was investing their money into annuities, but he really invested the money in himself.
Misapplication of fiduciary property is a first degree felony, so the punishment could range from 5 to 99 years or life in the penitentiary and up to a $10,000 fine. Since he has no criminal history, Sinclair could possibly get probation, but his victims think he should spend a lot of time in prison.
See Randy Wallace, Business Owner Accused of Stealing Elderly Clients' Life Savings Enters Plea, Jan. 11, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.