Financial Fraud: James A. Young Charging With Two Counts Of Wire Fraud And Three Counts Of Failure To File Tax Returns

<h2>Former Financial Planner Indicted For Investment Fraud Scheme And Failure To File Tax Returns<&sol;h2>&NewLine;<p>PENSACOLA&comma; FLORIDA – Former financial planner James A&period; Young III&comma; 49&comma; of Milton&comma; Florida&comma; was arraigned today in the U&period;S&period; District Court in Pensacola after a federal grand jury returned an indictment charging him with two counts of wire fraud and three counts of failure to file tax returns over a three-year period&period; The indictment was announced today by Lawrence Keefe&comma; United States Attorney for the Northern District of Florida&period;<&sol;p>&NewLine;<div class&equals;"mh-content-ad"><script async src&equals;"https&colon;&sol;&sol;pagead2&period;googlesyndication&period;com&sol;pagead&sol;js&sol;adsbygoogle&period;js&quest;client&equals;ca-pub-9162800720558968"&NewLine; crossorigin&equals;"anonymous"><&sol;script>&NewLine;<ins class&equals;"adsbygoogle"&NewLine; style&equals;"display&colon;block&semi; text-align&colon;center&semi;"&NewLine; data-ad-layout&equals;"in-article"&NewLine; data-ad-format&equals;"fluid"&NewLine; data-ad-client&equals;"ca-pub-9162800720558968"&NewLine; data-ad-slot&equals;"1081854981"><&sol;ins>&NewLine;<script>&NewLine; &lpar;adsbygoogle &equals; window&period;adsbygoogle &vert;&vert; &lbrack;&rsqb;&rpar;&period;push&lpar;&lbrace;&rcub;&rpar;&semi;&NewLine;<&sol;script><&sol;div>&NewLine;<p>The indictment alleges that between 2010 and 2014&comma; while working as a <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;amp&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"934">financial<&sol;a> planner&comma; Young solicited his clients and others to invest money in false &&num;8220&semi;side investments&&num;8221&semi; in real estate and natural resource rights&period; The indictment also alleges that Young presented false documents to potential investors and falsely told them he was also personally invested to convince them to invest&period;<&sol;p>&NewLine;<p>The indictment further alleges that Young then pocketed the money&comma; which totaled over &dollar;500&comma;000&comma; and used it for his own personal use&period; Further&comma; in some instances&comma; Young is alleged to have used money obtained from investors to pay back other investors&comma; fraudulently representing the funds were returns or interest on their investments in order to keep the scheme going&period; Young also allegedly failed to file his federal tax returns for 2012&comma; 2013&comma; and 2014&period;<&sol;p>&NewLine;<p>The maximum penalty for wire fraud is twenty years’ imprisonment&period; The maximum penalty for failure to file tax returns is one year imprisonment&period; The trial is scheduled for September 3&comma; 2019&comma; at 9&colon;00 a&period;m&period; at the United States Courthouse in Pensacola&period;<&sol;p>&NewLine;<p>Assistant United States Attorney Alicia H&period; Forbes is prosecuting the case following an investigation by the Emerald Coast Financial Crimes Task Force consisting of the Internal Revenue Service-Criminal Investigation and the Okaloosa County Sheriff’s Office&period; This case is part of the Department of Justice’s Elder Justice Initiative&comma; which combats elder abuse and financial fraud targeted at seniors and is a key priority of the Department of Justice and the United States Attorney’s Office for the Northern District of Florida&period;<&sol;p>&NewLine;<p>An indictment is merely an allegation by a grand jury that a defendant has committed a violation of federal criminal law and is not evidence of guilt&period; All defendants are presumed innocent and entitled to a fair trial&comma; during which it will be the government’s burden to prove guilt beyond a reasonable doubt at trial&period;<&sol;p>&NewLine;<p>The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General&period; To access public court documents online&comma; please visit the U&period;S&period; District Court for the Northern District of Florida website&period; For more information about the U&period;S&period; Attorney’s Office&comma; Northern District of Florida&comma; visit http&colon;&sol;&sol;www&period;justice&period;gov&sol;usao&sol;fln&sol;index&period;html<&sol;p>&NewLine;

Financial FraudInvestment Fraud