Former Georgia football coach facing fraud charges
Atlanta residents facing criminal charges should take them very seriously, especially if they are fraud charges, which can carry with them serious penalties. There are a few options available to them to fight these charges, such as having their day in court during which they challenge every aspect of the prosecution's case or coming to an agreement with the prosecution that would settle the case outside of court. Either way, people charged with fraud should consider their options carefully and do whatever is necessary to protect their rights.
This may be the case for a former Georgia football coach who is accused of running a Ponzi scheme amounting to $80 million. He reportedly ran the scheme through a company that dealt with closeout merchandise. It is alleged that he used his connections with wealthy figures from the college coaching community to raise money for his scheme. Many notable sports figures were lured into investing in the fraudulent scheme.
The man is now facing 41 counts of federal charges, including mail fraud, wire fraud and conspiracy. His trial began this month in Georgia and is expected to last around three weeks.
A Ponzi scheme is a scheme in which new investors are paid with money obtained from later investors, thus giving the illusion of profitability within the scheme. This is a form of fraud, for which a conviction can carry serious penalties.
Atlanta residents facing federal charges may not be familiar with the federal justice system, but an experienced fraud defense attorney may be able to guide them through the legal technicalities and help them get the best possible result.