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NYC Ponzi Schemes Lawyers

A Ponzi scheme occurs when an individual seeks investment in a fraudulent or nonexistent project or some other fraudulent vehicle to make money. Original investors are actually repaid with money that is raised from secondary investors, and the scheme generally dies out when it is no longer possible to find anyone to provide cash. Let’s look at what types of penalties an individual could face if convicted of operating a Ponzi scheme.

Multiple Charges Could Be Pending

As there are many elements to a Ponzi scheme, there are many charges that an individual may face. For instance, it may be possible to be charged with fraud as you are materially misrepresenting yourself to investors or others who may have given you money. A charge of bank or mortgage fraud may also be forthcoming if you lied on a loan or mortgage application.

If you tried to use government loans to start your scheme or finance it in any way, federal charges could be levied in addition to state charges. This may also be true if your Ponzi scheme involved investors or banks in multiple states. The FBI may also get involved if you have multiple people helping you with your scheme or there were multiple investors who were defrauded.

How to Defend Yourself Against the Charge

If you are charged with committing a Ponzi scheme, you may argue that there was no intent to defraud anyone. This may be done by showing that there was actually an investment opportunity that was to return capital to investors. For instance, if you offered a return to those who invested in a building project, you may be able to show details of that project.

George FernandezGeorge Fernandez
14:16 30 Apr 24
Excellent 10 out of 10, Helped resolve my case. Jeremy explained everything and made everything easy to understand.
21:33 24 Apr 24
If you are looking for a lawyer that listens, is aggressive where needed, and holds his word above all else, Todd is the best pick. I had hired multiple attorneys prior to hiring the Spodek Group for a white collar case. The first thing that stood out to me was the cost, as anyone going through the process and dealing with the system, money was tight at that time - especially after hiring and firing multiple lawyers. The cost was not as high as others which was definitely a plus. Todd's intake process was also unlike other attorneys. He took the time to actually listen. He cared. He was trying to put himself in my shoes while I was explaining the situation to him and he really took the time to understand the whole situation. Other lawyers will give you 15 mins and send you a retainer agreement. Not Todd, I think he spent almost two hours with me as I was explaining everything.Not only was he great during the onboarding process, he was supportive and very informative through the entire plea process and eventually sentencing. After hiring him, I asked if I should hire a prison consultant, he told me to save my money as he would do everything they would. He was right and held up to his word. Later on I would hear from others that went with the prison consultants that they were a waste of money - I am glad I listened to Todd!When it came time for sentencing, two days prior to sentencing, the prosecutor tried increasing my proposed prison time by almost double - apparently a normal move. Todd and his team worked with me non-stop through the weekend prior to sentencing to ensure that I was not given additional prison time. Again, he took the time to listen and came up with a strategy to explain the case with great detail.Unfortunately, I did plead guilty as that was my best option. Todd and his whole team wrote up nearly 300 pages of a summary of what happened and why I should not be given prison time. If I breakdown the amount I spent with Todd versus the amount of work that I saw being done, I am shocked I was not charged four times as much. The other benefit was, a lot of criminal defense lawyers were just a single attorney with a paralegal or two. Todd had a team of people that I dealt with (5-7 people that I interacted with), but he was ALWAYS accessible. It would never take him more than an hour to reply unless he was in court.I was sentenced to prison and I was emotionally distraught. Todd and his team did whatever they could even after sentencing to make sure I was alright. He personally stayed in touch with my family to ensure I was doing alright and offered support to them. Most lawyers would consider the job complete at sentencing, not Todd.After prison, Todd still spent time with me to make sure I was on the right track and avoiding any potential risks in the future. He has also been giving advice on how to navigate probation etc and has not been looking at the clock for billing.Although I wish I had never been arrested in the first place, I am glad I had Todd and his team in my corner. Without them I likely would have had to spend a lot more time in prison than I did.Thank you, Todd, and the entire Spodek Law team, for helping turn what was a nightmare into a manageable situation!
Yelva Saint-PreuxYelva Saint-Preux
19:26 19 Apr 24
I am immensely grateful to the entire team at Spodek Law Group for their unwavering dedication and exceptional expertise throughout my case. From our initial consultation to the final resolution, their professionalism and tireless advocacy made all the difference. Their strategic approach and attention to detail instilled confidence in me every step of the way.Thanks to their hard work and commitment, we achieved a truly favorable outcome that exceeded my expectations. Not only did they navigate the complexities of my case with precision, but they also provided invaluable support and guidance during what was undoubtedly a challenging time. I cannot recommend Spodek Law Group highly enough, especially attorneys Todd Spodek and Claire Banks; they are beacons of excellence in the legal profession.YSP.
Katherine SunKatherine Sun
18:08 18 Apr 24
my lawyer is Alex Zhik. Efficient, patient and professional
Nun yaNun ya
17:48 18 Apr 24
Todd, Ralph and Alex are amazing. Helped my husband get from a double digit number with multiple charges to a single digit, by the time I blink he will be out. They very professional and help with all your needs. They dealt with my anxiety and worry very well and they understand that your family member needs to get home as soon as possible.
Keisha ParrisKeisha Parris
20:45 15 Mar 24
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
Taïko BeautyTaïko Beauty
16:26 15 Mar 24
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence.Thank you team!
K MarK Mar
01:37 25 Jan 24
I recently had Spodek Law Group represent me for a legal matter in NYC and I am thoroughly impressed with their services.Alex Zhik secured the best possible outcome for my case.It was a seamless journey from the initial consultation to the resolution of my legal matter. From the moment I spoke to Todd about my case, his enthusiasm to help was evident, setting a positive tone for the entire experience. The efficiency and professionalism displayed by the team is commendable.A particularly noteworthy aspect of their service is their user-friendly portal to upload your documents/evidence. This not only simplified the process, but showcases their commitment to streamline the client experience.Lastly, in an industry where legal fees can often be a concern, I found their pricing to be very reasonable, making needing legal assistance feel accessible and stress-free.I am grateful for their support and wouldn't hesitate to turn to them again in the future.

Assuming that you can show that the project died because of circumstances beyond your control, it may be possible to have the charge dropped. The same may be true if you are able to show that you put investor’s money into a legitimate account that simply stopped paying out as much as it did in the past. For instance, a company with a large dividend may offer larger returns than usual.

However, that is not illegal, and it is common for companies offering such dividends to cease operating at some point. The dividend is a sign of poor fiscal health or other signs of decay within the company. Ultimately, as long as you represent yourself accurately to investors, it is on them to determine if an investment is worth risking their capital.

What Penalties Could You Face for Engaging in a Ponzi Scheme?

If you engage in a Ponzi scheme, you could face a variety of penalties such as <u>jail time, a fine and restitution</u>. The extent of your jail sentence may depend on the size and scope of the fraud. In most cases, this is determined by how much money you stole or otherwise defrauded people and banks out of.

It is possible that you will spend the rest of your life in jail depending on your age and health. If you are out released from prison, you may be barred from engaging in most types of financial transactions such as being a mortgage or stock broker. You may also have a hard time getting loans or other credit in the future.

Your attorney may be able to explain in better detail the specific penalties that you face as well as how to plea your case. Depending on the facts in the case and your role in the scheme, it is possible that you will be given a plea deal in exchange for your cooperation. While you may still go to jail, the sentence will generally be shorter, and it may be possible to spend you time at a minimum security facility.

A charge that you operated a Ponzi scheme is one that you should not take lightly. Instead, you should hire an attorney who can help you defend yourself in court and clear your name. At the very least, your legal counsel will help you obtain as favorable a sentence as possible depending on the facts of your case.

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