Former Investment Advisor Accused of Stealing $475,000 from Client Retirement Accounts – Indicted for Fraudulent Schemes & Artifices and Theft

Former Investment Advisor Accused of Stealing $475,000 from Client Retirement Accounts – Indicted for Fraudulent Schemes & Artifices and Theft

An Arizona State Grand Jury indicted Howard M. Price III, a former investment advisor for allegedly stealing $475,000 from his clients’ retirement accounts.

According to the Arizona Corporation Commission investigation, Price has not been registered to sell securities or licensed to provide investment advice in Arizona since 2012. The Arizona Attorney General press release states, “From 2013 to 2017, Price allegedly convinced three clients to roll over their IRA retirement money to his firm, Howard Price Wealth Management, with the promise of guaranteed returns.” The State further alleges that Price misused his clients’ retirement funds to make purchases at clubs, bars, and restaurants in Scottsdale and Arcadia.

Price is charged with one count of Fraudulent Schemes & Artifices and three counts of Theft. The counts, as charged in the Grand Jury Indictment, are:

  • Count 1: Fraudulent Schemes & Artifices
    • Between February 2014 and July 2016, Price allegedly “pursuant to a scheme or artifice to defraud, knowingly obtained a benefit by means of false or fraudulent pretenses, representations, promises, or material omissions” in violation of R.S. §§ 13-2310 et al. The alleged value of the benefit involved in this count exceeds $100,000.
  • Count 2: Theft
    • Between February 2014 and July 2016, Price allegedly “without lawful authority, knowingly converted for an unauthorized term or use property” of his client entrusted to Price, or placed in Price’s possession “for a limited, authorized term or use OR knowingly obtained property” of his client by means of a material misrepresentation with intent to deprive the client of such property in violation of R.S. §§ 13-1802 et al. The alleged value of the benefit involved in this count exceeds $100,000.
  • Count 3: Theft
    • Between July 2015 and November 2015, Price allegedly “without lawful authority, knowingly converted for an unauthorized term or use property” of his client entrusted to Price, or placed in Price’s possession “for a limited, authorized term or use OR knowingly obtained property” of his client by means of a material misrepresentation with intent to deprive the client of such property in violation of R.S. §§ 13-1802 et al. The alleged value of the benefit involved in this count exceeds $100,000.
  • Count 4: Theft
    • Between October 2016 and November 2016, Price allegedly “without lawful authority, knowingly converted for an unauthorized term or use property” of his client entrusted to Price, or placed in Price’s possession “for a limited, authorized term or use OR knowingly obtained property” of his client by means of a material misrepresentation with intent to deprive the client of such property in violation of R.S. §§ 13-1802 et al. The alleged value of the benefit involved in this count has a value greater than $4,000 but less than $25,000.

The first three counts are charged as Class 2 Felonies and the fourth count is charged as a Class 3 Felony. Pursuant to Arizona sentencing guidelines, Class 2 felonies are punishable by up to 12.5 years in prison with aggravating factors, with a 4 year minimum prison term. Class 3 felonies are punishable by up to 8.75 years in prison with aggravating factors, with a 2.5 year minimum prison term. A.R.S. § 13-702.

Charges for Fraudulent Schemes & Artifices and Theft in Arizona are serious and if convicted, carry harsh penalties. If you’re facing criminal charges for fraud, theft, or any other white collar crime, we urge you to hire an experienced white collar criminal defense attorney. Cases involving alleged fraud schemes are often complex. Having an attorney who is experienced defending fraud cases helps ensure the best possible outcome in your case.

Defending Against Aggressive Prosecution

The white collar criminal defense attorneys of Ashley D. Adams, PLC are prepared to defend your rights and combat aggressive prosecutors. When you hire us to defend you we will strive to get the charges against you dropped or reduced to lesser charges, and work to get mitigation of any sentencing.

Contact us or call now (480) 219-1366 for a consultation.

 

The attorneys at Ashley D. Adams, PLC handle state criminal cases throughout Arizona including the cities of Phoenix, Scottsdale, Glendale, Mesa, Tempe, Ahwatukee, Maricopa, Gilbert, Peoria, Surprise, Goodyear, Litchfield Park, Avondale, Chandler, Casa Grande, Florence, Queen Creek, Deer Valley, North Pinal and Sun City as well as those living in and around Maricopa County, Pinal County, Pima County, Yuma County and Yavapai County.

The attorneys at Ashley D. Adams, PLC handle federal criminal cases throughout the United States, including Arizona, Oklahoma, Utah, and California.