Crimes involving money typically carry harsh sentences, and with recent national scandals and the economic downturn, they are being even more carefully scrutinized. A New Jersey man will now stand trial next year for allegedly committing fraud. He is accused of starting a $200 million Ponzi scheme.
The man could face 800 years in prison and $11 million in fines if the court finds him guilty on all the charges. His trial is now scheduled for Jan. 7, 2013, which will be over two years since his initial arrest. He will remain on an ankle monitoring system until his trial, and has to have any of his financial transactions over $1,000 approved.
These charges are extremely serious. The man could potentially spend the rest of his life in prison. Given the severity of the charges and the amount of money he allegedly defrauded people of, his trial will likely garner a lot of media attention. This attention may make it difficult to receive a fair trial. It could also severely stain his reputation even if he is proven innocent.
He will likely have to build a rigorous criminal defense to defend against the 45 counts against him, which include wire fraud, bank fraud and money laundering. An experienced New Jersey criminal defense attorney can help someone in a similar situation build a solid defense, make sure the accused rights are ensured, including making sure investigators obtained information and evidence legally, and try to protect their reputation from the scrutiny of the media.
Source: Asbury Park Press, "$200M Ponzi scheme trial set for next year," Bill Bowman, Jan. 20, 2012