8/29/2005 - Posted by:
Stone, Taylor & Associates, P.A.
Phone: 904-396-3335
Alt. Phone: 904-399-3596
Fax: 904-399-4540
Mobile: 904-536-9309
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Federal Bank Fraud/Money Laundering Victory
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Attorney Mitch Stone represented a real estate investor who was indicted in a 16 count federal indictment for conspiracy, bank fraud, wire fraud and money laundering based on almost 4 years of real estate transactions. One of the key witnesses against the client was the attorney who conducted the real estate closings. That attorney plead guilty to Bank Fraud and agreed to a 10 year prison sentence. Several other business associates of the client entered into plea agreements and testified against the client. After almost two weeks of trial and several legal manuevers by Mr. Stone all counts of bank fraud and money laundering were dismissed. The remaining conspiracy and wire fraud counts ended in hung jury. The net result was the client was not convicted of any charges and walked out of the Federal Courthouse through the same doors he walked in. This case was watched by many real estate investors around the country who are themselves targets of government investigations as a result of the huge profits associated with flipping houses and assigning real estate contracts.
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