![]() ![]() Piro, Special Agent in Charge, Federal Bureau of Investigation (“FBI”) Miami Field Office, Matthew D. ![]() Juan Antonio Gonzalez, Acting United States Attorney, Southern District of Florida, George L. Information about the related cases can be found here. Heide, the former 1 Global Chief Financial Officer, was previously charged via information and sentenced to 60 months (Case No. ![]() In addition, in order to attract investments, Individual #1 (the de facto owner of 1 Global), Schwartz, Ledbetter, and others, made false and misleading representations to investors and potential investors as to the profitability of 1 Global’s business in marketing materials and periodic account statements.Īlan G. Ledbetter routinely held himself out to investors and investment advisers as outside counsel to 1 Global, and also personally vouched for 1 Global in pitches and marketing materials, without disclosing his extravagant commissions. Neither attorney disclosed these commissions to Law Firm #1. Atlas received approximately $627,000 from Ledbetter’s commissions. Over the years, Ledbetter received approximately $3 million from 1 Global, the majority of which was for commissions. Ledbetter used and relied on Atlas’s opinion letters to continue to raise money illegally, in numerous pitches and communications to investment advisors and investors.Īccording to court documents, Ledbetter was personally involved in raising more than $100 million in investor funds that went to 1 Global, through his own pitches as well as through investment advisors he attracted to 1 Global. The opinion letters falsely described the duration of the investment, among other things, omitting the automatic renewal aspect and that the investment was being targeted toward retail, non-sophisticated investors (such as IRA account holders). Such a classification would undermine the profits and fees that Ledbetter and other principals at 1 Global would be able to obtain from 1 Global’s operations.Īt the request of 1 Global’s principals, Atlas authored two opinion letters in 2016 containing false information that Atlas allegedly knew would be used by 1 Global to operate the business unlawfully. Ledbetter and Atlas knew that if 1 Global’s investment offering were determined to be a security, it would undermine the ability of 1 Global to raise funds from retail investors and to continue to operate without substantial additional expenses and reporting requirements. These questions were raised by investors, investment advisors, and regulators. Substantial questions arose during the operation of the business as to whether 1 Global was offering or selling a security and whether the investment offering was required to be registered with the U.S. Atlas was a partner at Law Firm #1 and acted as outside counsel for 1 Global. Ledbetter was an attorney licensed in the State of Florida who had an of counsel position at Law Firm #1 and acted in a fundraising capacity at 1 Global beginning in or around 2015. Schwartz was a director and consultant at 1 Global, and also held out as a Chief Operating Officer in the company’s marketing materials. Atlas was also ordered to pay over $29 million in restitution to the victims of the scheme.Īccording to court documents, 1 Global was a commercial lending business based in Hallandale Beach, Florida, that made the equivalent of “pay day” loans to small businesses at high interest rates, termed merchant cash advance loans (“MCAs”). Altman sentenced Atlas to a term of imprisonment of 8 months. Jan Douglas Atlas, 76, of Fort Lauderdale, Florida, pled guilty to a single count information, charging him with one count of conspiracy to commit wire fraud and securities fraud, in violation of Title 18, United States Code, Section 371 (Case No. Schwartz was also ordered to pay over $36 million in restitution to the victims of the scheme. Altman sentenced Schwartz to a term of imprisonment of 24 months. Steven Allen Schwartz, 76, of Delray Beach, Florida, pled guilty to a single count information, charging him with one count of conspiracy to commit wire fraud and securities fraud, in violation of Title 18, United States Code, Section 371 (Case No. Ledbetter was also ordered to pay over $148,976,248 million in restitution to the victims of the scheme. 20-CR-60103), and was sentenced today to 60 months in prison by U.S. Miami, Florida – Two south Florida securities lawyers and the former Chief Operating Officer of 1 Global Capital LLC (“1 Global”) were sentenced for their roles in a sprawling fraud scheme that affected more than 3,600 investors in 42 states.Īndrew Dale Ledbetter, 79, of Fort Lauderdale, Florida, pled guilty to a single count information, charging him with one count of conspiracy to commit wire fraud and securities fraud, in violation of Title 18, United States Code, Section 371 (Case No. ![]()
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