April 11, 2006
Texas Lawyer Indicted
With all eyes focused on the Enron trial, it is easy to miss other cases being brought in Texas. Fraud Update links to a press release here of the US Attorney's Office for the Eastern District of Texas telling of a "lawyer has been indicted for security and wire fraud violations." The press release states that the attorney allegedly:
"lured potential investors by representing that their money would be used to purchase short-term securities from Fortune 500 companies. [He] specifically represented that he was an international mergers and acquisition lawyer who had been retained by a Fortune 500 company, that the company was in the final stages of closing a major merger or acquisition, and that the company needed short-term financing to complete the acquisition. [The lawyer] told investors that he could not identify the company because of various securities laws, and therefore the companies were identified by code names, . . .
The indictment alleges that [the attorney's] representations were false and misleading, that [he] did not represent these corporations in these transactions and that [he] spent the investors' monies on personal expenses and on payments to prior investors."
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» Houston attorney indicted from Houston's Clear Thinkers
Ellen Podgor lets us know that Michael J. Wing, an attorney who lives in Tyler but whose practice is apparently mostly in Houston, has been indicted in the Eastern District of Texas for allegedly running a Ponzi scheme promoting investments... [Read More]
Tracked on Apr 12, 2006 6:22:15 AM