Avoiding Investor Fraud

William Grewe

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A Los Angeles County jury might not have recovered the cash for victim-investors but it put the wrongdoer, a member of their church, in line for up to 15 year behind bars. The defendant rubbed shoulders with fellow churchgoers to the tune of over $2 Million. Gaining their trust through faith while on a path to their pocketbooks, Defendant Phoebus Smith followed a route which has become all too common: A crook infilitrating a social body and cloaking himself in the shared purpose and good feelings of the group all the while betraying a generous trust. The Securities and Exchange Commission has seen it so often that they warn against it along with other investment dangers. Now, while the defendant changes his address, the victims of Smith must search for what is left of their money and protect what is still within their grasp.