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August 27, 2021

Posted  August 27, 2021

Two securities lawyers and the former COO of commercial lending company 1 Global Capital LLC have been sentenced to prison terms ranging from 8 months to 5 years, and ordered to pay between $29 million and nearly $150 million in restitution, after pleading guilty to running a massive fraud scheme that affected more than 3,600 investors across 42 states.  In order to attract investments to 1 Global Capital, yet assuage investor concerns about whether it was selling legal securities, former COO Steven Schwartz, attorney Andrew Ledbetter, and outside counsel Jan Atlas knowingly made false and misleading representations.  In exchange for their work for 1 Global Capital, Ledbetter and Atlas received substantial commissions over the years, which they failed to disclose to the law firm they were both employed with.  USAO SDFL

Tagged in: Financial and Investment Fraud,