Robert Arthur Reed was sentenced yesterday in Casper Wyoming, U.S. District Court, for defrauding investors of more than $4.4 million dollars. The man falsely claimed the investment money was for wind farms in South Dakota and Wyoming. At sentencing, the U.S. Attorney’s office asked the judge to depart upward from the typical recommendations and order 15 years for Mr. Reed in prison. In his defense, Mr. Reed argued that while he was guilty of moral failings, the sentence would be premature since the investment called for a 3 year period which had not yet expired. The judge handed down just over 12 years but came down the defendant quite hard. Multiple victims of the scam provided testimony to the court for purposes of sentencing. The federal judge ultimately found the facts to be egregious even noting he had less sympathy for Mr. Reed then serious drug criminals. Apparently Mr. Reed and others promised many investors nationwide big returns for investing in non existent wind farms. The perpetrators of the scam even went as far as to set up fake signs on sites and pay contractors to move dirt just so they could take pictures and provide fake support as investors began asking questions.
Fraud Charges in Utah
Fraud charges in Utah are aggressively pursued by the prosecution in most cases. If you are charged on the federal level, there is a whole other can of worms you may have to deal with. The feds have enormous forfeiture power to be able to seize everything you own up front forcing you to often be left with little or nothing to even hire an attorney. Additionally, federal fraud charges typically carry the potential for greater prison time and harsh restitution awards. As noted in the case above, most federal judges do not go easy on individuals convicted of white collar crime. Therefore, if you have been charged with fraud, money laundering, or any other related crimes, whether federal or state, you should speak with an attorney as quickly as possible.