A Saratoga lawyer was convicted Wednesday of wire fraud for defrauding 30 people of just over $1 million in an investment scheme.
Federal prosecutors secured a five-count verdict against David Prince, 49, who lost money through risk options trading and used investor money to make his own credit card payments and to lease a Mercedes Benz. Prosecutors also said he he used his position as a lawyer to assure investors about the legality of what he was doing.
The jury deadlocked on another another two counts after asking U.S. District Judge Charles Breyer on Tuesday for further guidance on the meaning of "intent." The judge reminded them of past jury instructions and sent them back for more deliberations.
San Jose-based Assistant U.S. Attorneys Joseph Fazioli and Allison Danner handled the three-week trial.
Prince's current status with the California bar is active. He previously had been disciplined for misconduct involving two clients. In 2007 the State Bar placed him on probation for two years and ordered him to pay several thousand dollars in restitution for his conduct in two different matters.
Under the State Bar of California Rules and
Business and Professions Code the State Bar should have placed his license under immediate suspension following the indictment for federal crimes. What happen? Well when you randomly pick and choose who you prosecute you miss some. Now is that anyway to run a bar?
Posted by: the kat | October 08, 2011 at 02:07 PM