Following a conviction for his role in a Ponzi scheme, a Bloomfield Hills man has been sentenced to over five years in federal prison. He was also ordered to pay $2.2 million in restitution to his victims.
Raymond Frank Joseph was accused of soliciting loans from several people on the promise that he was planning to use the money to invest in business ventures. In reality, he used the money to repay people who had previously loaned him money, as well as to pay for personal things like credit card bills, household and vehicle expenses, etc. According to authorities, Joseph received more than $2 million that he never repaid to his lenders.
Authorities were eventually tipped off to Joseph’s scheme, and started investigating. It turns out Joseph had been borrowing money from 2002 to 2007.
In January, a federal grand jury found Joseph guilty of wire fraud, interstate transportation of stolen money or property, and conducting monetary transactions in criminally derived property. As part of his sentence, Joseph will also have to serve three years of supervised probation once he’s released from prison.
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A Michigan criminal defense attorney at the Law Offices of Freedman & Freedman can provide you with aggressive representation if you are under investigation for a white collar crime. White collar crimes are heavily prosecuted, as they often cost the victim or victims thousands, if not millions, of dollars in losses. If you have been charged with fraud or some other type of white collar crime, you can expect to be aggressively pursued by federal prosecutors who will not hesitate to seek the maximum penalties. When faced with such charges, only the very best criminal defense representation will do. To learn why we think Freedman & Freedman is the best law firm to handle your case, please call (877) 8585-5297 to schedule a consultation. With 34 years of experience, we have handled all types of charges and cases, and understand what it takes to be successful in a Michigan court of law.
