Lauren Baumann created an investment pool that turned out to be a class Ponzi scheme. She would get loans from investors based on claims that the money would be used to create a Christian "battle of the bands" rock concert. She promoted the concert as a way to make money by generating profits from company sponsorships and ticket sales.
However, she used the funds to pay earlier investors. The earlier investors, of course, thought they were receiving profits from the rock concert. She also used the funds to pay $10,000 per month rent, her children's tuition, and other expenses.
Here is the seriousness of this crime. The crime of wire fraud (related to the crime of embezzlement) carries a statutory maximum penalty of twenty years in federal prison. One can readily assume, that the twenty years is for each offense.
If you have been charged with embezzlement or another form of
Plano criminal defense lawyer today.