Disbarred attorney gets 70 months in fraud

A former Newport Beach attorney who was convicted last year in an investment fraud case has been sentenced to 70 months in prison.

Gerald M. Shaw was indicted in 2007 on federal fraud and money laundering charges for a scheme in which he and another man allegedly took millions of dollars from victims who were promised rates of return as high as 40% a week.

In addition to the 70-month sentence, Shaw was ordered to pay $4.3 million in restitution.

Shaw allegedly solicited investments from people by falsely stating that the money would be used to trade European bank instruments. Instead, the men used the money to pay personal and business expenses.

Shaw pleaded guilty to one count of wire fraud in July 2010 as part of a plea bargain. His law license was suspended shortly afterward. He was disbarred in July 2011.

He could have received a maximum sentence of 20 years in prison.

If you or someone you know is facing fraud charges, the most important thing you could do is hire a criminal defense lawyer with the experience to help.

Fraud is often a federal crime and could lead to significant prison time. Los Angeles Criminal Defense Attorney Robert Helfend has been practicing law since 1984 and will fight for your rights. Contact his law office today for a free initial consultation.