Former Investment Manager Pleads Guilty in Greenville to Fraud Charges
The former manager of an investment firm in Easley pled guilty on Monday, May 6th, to fraud charges.
Arthur Field, the former manager of Easley, SC-based Capital Investment Funding, denied any wrong-doing related to his business until this week. However, he reached a plea agreement with prosecutors, leading Field to admit to all 14 counts of fraud, including 11 counts of securities fraud, two counts of conspiracy, and one count of forgery – all very serious white collar fraud charges.
According to prosecutors, Field faces up to 23 years in prison. However, with the negotiated term of his plea agreement, he could serve the securities fraud charges concurrently, significantly reducing his prison time.
Field was indicted by a state grand jury last year on fraud charges related to his business activities. Although he has finally pled guilty, Field showed little emotion in court and offered no explanation about what happened to investors’ money.
Estimates show that about 12,000 investors lost about $278 million when the companies failed 10 years ago.
Court documents allege that Field, as well as co-defendant Fredrick Scott Pfeiffer, a Greenville attorney, hid Field’s true business interests from investors, his partners at the firm, and the South Carolina Securities Division, among others.
Pfeiffer has also been charged with securities fraud and conspiracy, and remains free on bond while awaiting trial.
Field began dissolving his firm in 2008, and shortly thereafter became the target of multiple civil lawsuits, and an investigation by the state Attorney General’s office.
Defending Against Federal Fraud Charges in South Carolina
Securities Fraud investigations are complex white collar fraud cases that need a criminal defense attorney who can adequately investigate and represent the individual or corporation accused of Securities Fraud. Securities Fraud investigations and cases often take years to put together and involve a lengthy grand jury process. If you or your corporation is accused or charged with Securities Fraud you need a criminal defense lawyer that can represent your interests with the United State’s Attorneys Office. Below please find a brief description of Securities Fraud.
Whoever knowingly executes, or attempts to execute, a scheme or artifice-
(1) to defraud any person in connection with any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o (d)); or
(2) to obtain, by means of false or fraudulent pretenses, representations, or promises, any money or property in connection with the purchase or sale of any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l) or that is required to file reports under section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o (d));
shall be fined under this title, or imprisoned not more than 25 years, or both.
The Strom Law Firm Can Help With White Collar Fraud Charges
If you or a loved one have received federal white collar fraud charges, you may feel that your personal and professional reputation is ruined. However, just because you face federal charges does not automatically mean you are guilty. The attorneys at the Strom Law Firm understand the complexity of federal fraud charges, and can help you fight for your rights. We offer free, confidential consultations to discuss the facts of your case, so contact us today for help. 803.252.4800
