Securities Attorney, Richard Kranitz Sentenced to 18 Months
On July 17, 2013, Richard Kranitz, a Wisconsin securities attorney was sentenced to 18 months in federal prison Wednesday for his role in a securities fraud involving an FBI Sting operation. Kranitz was also sentenced to 12 months of supervised release following his prison time.
Richard Kranitz was one of 13 people charged in the securities fraud sting. In April of this year, Kranitz plead guilty to conspiracy to commit securities fraud.
Assistant U.S. Attorney Stephen Frank stated, “Richard Kranitz was involved in a secret kickback arrangement with an individual he believed to be a corrupt hedge fund manager… In doing so, he effectively agreed to steal money from investors in that fund in order to obtain funding he knew his company would not receive.”
According to the indictment, the undercover FBI agent offered to invest up to $5 million in China Wi-Max in return for a kickback of 50%. After Kranitz agreed, he sent the FBI agent a consulting agreement to conceal the kickback.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956, by email at [email protected] or visit www.securitieslawyer101.com. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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