Louis Simpson – 15 Years in Prison for a $948,500 fraud. The cost of white collar crime is rising!

150 years for Bernie Madoff and that just seems to be the start when it comes to substantial sentences for white collar crime.  It seems that judges are becoming tired of people being ripped off.  In fact, now a white collar criminal could receive a sentence longer than another person convicted of manslaughter.  The times they are a changing.

Take the example of Louis Simpson. a 60-year-old Indianapolis, Indiana man who was sentenced to federal prison for his role in an investment fraud scheme in the Eastern District of Texas.  SIMPSON was sentenced to 183 months in federal prison on Apr. 29, 2010 and ordered to pay restitution in an amount to be determined at a later date.

According to information presented in court, beginning in 2006, Simpson devised a marketing scheme to defraud investors by claiming to operate a fraudulent program that he had with the Department of Housing and Urban Development (HUD).  Simpson marketed the fraudulent program to investors and obtained approximately $948,500 in wired funds from these investors.  To facilitate the scheme, Simpson provided investors with fraudulent letters from HUD officials and false bank documents from financial institutions.  Simpson was indicted by a federal grand jury on June 11, 2008 and charged with federal violations.  After a five-day trial, a jury found Simpson guilty on Oct. 29, 2009 of seven counts of wire fraud and two counts of aggravated identity theft.

The Financial Fraud Enforcement Task Force was established to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.  The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

Every choice has a consequence.  As a business ethics and fraud prevention speaker, I know too well that unethical choices can have disastrous consequences that can be life changing.  In this case Louis Simpson will have plenty of time to evaluate his choices.

4 Responses to Louis Simpson – 15 Years in Prison for a $948,500 fraud. The cost of white collar crime is rising!

  1. Chelsea Simpson-Halliburton says:

    First of All it was a unfair case. As Louis Simpson’s Daughter, I can tell you that this will be reopened and some things checked out. Due to I am also aware that the Obama administrations does not tolerate racism either. Cause thats exactly what this case was! So my dad will not need the time to evaluate his choices. Thank you very much

    • George mican says:

      You, Chelsea Simpson- Halliburton would go along way to revisit some elementary grammar skills, before commenting on such legal matter.

  2. Katherine Weinstein says:

    I would totally agree with Mr. Mican’s statement.

  3. Not needed says:

    I find it interesting how so-called reporters and journalist can put their “expert opinion” out there with no real facts or investigation into the matters they are speaking of. So before using an example of a man’s life; a life which might I point out you know nothing of and a case you know nothing about, do some real research first and then report. Otherwise, do us all a favor and keep your poorly expressed opinions and minimal researched conclusions to yourself. This is a case that has not been closed. This case is also under investigation for the way that it was handle but the legal representatives involved.

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