Notorious Investment Firm Manager Released from Jail After 5 Days Served for Securities Fraud
Former Investment Firm Manager Arthur Field, who pleaded guilty to securities fraud charges in May, was released from jail a mere five days after he reported for his sentence.
On Wednesday, October 16th, 60-year-old Field was released from prison after the state attorney general filed a motion asking the court to reconsider Field’s securities fraudsentence.
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. The former manager of Easley, SC-based Capital Investment Funding, denied any wrong-doing related to his business until May of this year. Field was indicted by a state grand jury last year on fraud charges related to his business activities. 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.
Last week, Field was sentenced to 10 years in prison. However, Circuit Court Judge Cordell Maddox ruled on October 8th that, because of Field’s cooperation with prosecutors, the prison sentence would be suspended once Field served 26 months, and he would then be on probation for 5 years.
The judge also ordered that Field receive credit for the 33 days he spent in jail after he was arrested, and the 15 months he spent in home confinement before the trial.
Corrections officers reportedly released Field for good behavior. Under state law, all of the credit plus good behavior allowed for early release.
Pete O’Boyle, a spokesman for the state Department of Probation, Parole and Pardon Services, said, “We will supervise his probation as specified by the court and our standard procedures.”
Judge Maddox also ruled that Field must pay $2.8 million in restitutions, and O’Boyle said his department will oversee collection of the money.
Due to the severity of securities fraud charges with the federal government, Field could have faced 23 years in prison. However, he reached a plea deal and cooperated with prosecutors.
Defending Against Securities 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 Securites Fraud and other Federal 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 securities 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
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