A federal district court sentenced James R. Holdman of Zachary, Louisiana, to 60 months in jail for mail fraud relating to a $7.9 million investment fraud scheme. The court also ordered Mr. Holdman to pay his victims $7,910,074 in restitution.
According to an FBI press release, Mr. Holdman operated a hedge fund called Greenwing Capital Management, LLC. Clients, many of whom were retirees from southern Louisiana and Mississippi, gave Mr. Holdman millions to invest. Throughout 2008, these investments suffered substantial losses, but Mr. Holdman falsely represented to his clients that the accounts were earning positive rates of return.
Through these misrepresentations, Mr. Holdman was able to convince investors to keep their money with him, and in some cases, invest more. This allowed Mr. Holdman to continue earning fees, according to the release.
Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.