Miami Businessman Sentenced in White Collar Crimes

A Miami businessman who was convicted in an investment fraud scheme was recently sentenced to 12 ½ years in prison. The businessman, C. O., is the former president of InnoVida Holdings, a company which made composite fiber panels that were promoted for use in building low-cost homes purported to be fire and hurricane resistant. The company promoted the use of its products for building homes in such places as Haiti and other developing countries. According to prosecutors in the case, C. O. defrauded the company's investors throughout a period of four years, from 2007 to 2010. During that time, he stole millions for his own personal use which included the funding of an extravagant lifestyle.

C. O. was convicted of three counts of wire fraud and money laundering. Besides the prison sentence, he was ordered by the federal judge in the case to pay $24 million in restitution. The investment fraud for which he was convicted totaled approximately $40 million. He could have been sentenced to a maximum of 50 years in prison.

Investment fraud is a common white collar crime which may be charged and prosecuted at the state or federal level. It is commonly charged as a felony which can include charges of wire fraud, bank fraud, money laundering, embezzlement, and similar offenses punishable by fines, prison terms, and restitution to victims.

Miami Criminal Defense Lawyer

White collar crimes are generally defined as crimes of misrepresentation and deception that are committed for financial gain to the detriment of victims. These are nonviolent crimes and usually committed by businessmen, entrepreneurs, public servants, accountants, and others in a position of trust. Anyone accused of a white collar crime will face serious criminal charges and the loss of reputation which can spell a future disaster in terms of employment or career.

Seltzer Law, P.A. is a criminal defense firm in Miami which offers aggressive and competent legal representation to those facing white collar crime charges as well as any other type of criminal charges. Attorney David Seltzer was named a Rising Star in 2010 by Super Lawyers based on his outstanding legal service. The firm also received an Avvo Clients' Choice 2012 Award and has been rated 9.2 out of 10 "Superb" by Avvo. These recognitions demonstrate the level of quality you can expect to find at the firm. Get the legal help you need when facing criminal charges or if you are being investigated by a state or federal law enforcement agency. Contact the firm 24/7 for a consultation to get started.