2 veteran South Florida lawyers convicted of financial fraud

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  • The fraud affected more than 3,600 investors in 42 states, prosecutors said.
  • The company at the center of the fraud, 1 Global, was a commercial loan company offering payday loans.
  • According to court documents, Ledbetter has fraudulently collected more than $ 100 million from investors since 2015.

Two South Florida securities attorneys and the former COO of 1 Global Capital LLC have been convicted of their role in a sprawling fraud that prosecutors say has affected more than 3,600 investors in 42 States.

One of the convicted attorneys is Andrew Dale Ledbetter, 79, of Fort Lauderdale, who was also a lawyer with 1 Global. He pleaded guilty to a single count, charging him with conspiracy to commit wire fraud and securities fraud. US District Judge Roy K. Altman sentenced him to 60 months in prison on Friday.

The second lawyer, Jan Douglas Atlas, 76, of Fort Lauderdale, was a partner at 1 Global and acted as outside counsel.

Atlas pleaded guilty to a single count, charging him with conspiracy to commit wire fraud and securities fraud. He was also sentenced to eight months in prison. The judge also ordered him to pay more than $ 29 million in restitution to the victims of the scheme.

The former chief financial officer of 1 Global, Alan G. Heide, had already been indicted by information and sentenced to 60 months.

Juan Antonio Gonzalez, Acting United States Attorney for the Southern District of Florida. Courtesy photo

The announcement came from Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge, Miami Federal Bureau of Investigation local office, Matthew D. Line, Special Agent by interim in charge, Internal Revenue Service. , Criminal Investigation, Matthew D. Line, Acting Special Agent in Charge, and Kyle A. Myles, Special Agent in Charge, Federal Deposit Insurance Corp. Office of the Inspector General.

Atlas’ defense attorney was Margot Moss and David Oscar Markus from Markus / Moss in Miami.

Markus said: “The judge and prosecution in this case have been wise in balancing all the good Jan has done in his life with what he has done in this case, as well as many others. factors, including remorse and cooperation. “

The company at the center of the fraud, 1 Global, was a Hallandale Beach-based commercial loan company. It offered payday loans to small businesses at high interest rates, through instruments called merchant cash advance loans.

In order to attract investment, the owner of 1 Global, Atlas, Ledbetter and others have made false and misleading representations to investors and potential investors in marketing materials and periodic account statements regarding the profitability of 1 Global.

About Joshua M. Osborne

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