Georgia Attorney Robert Copeland Pleaded Guilty to Perpetrating Ponzi Scheme
Robert P. Copeland, the Georgia attorney recently accused of perpetrating a Ponzi scheme, pleaded guilty in federal district court to perpetrating a fraudulent investment scheme over a five-year spam. Copeland's scheme, Advanced Asset Strategies, left about 140 investors with approximately $35 million in losses. Copeland's sentencing is scheduled for July 10 at 2:00pm, in Courtroom 2308, United States Courthouse in Atlanta.
Investigation by the securities law firm of Chapman & Associates determined that Copeland, a real estate and tax planning attorney, operated a fraudulent Ponzi scheme between 2004 and early 2009. Copeland solicited individuals directly and through several salesmen to whom he paid commissions in exchange for referrals of investment clients.
Although Copeland told investors he would invest their money in lucrative real estate loans, and promised returns of 15% or higher annually, he admitted in his guilty plea that his investment business was in fact a scam. The notes and security deeds he furnished his investors were bogus, and his real estate financing deals were few and much less profitable, if at all.
Following his guilty plea, Copeland may receive a sentence of up to 20 years in prison and a fine of up to $250,000, along with full restitution to all victims. However, he will most likely not have enough money to pay back his investors, said John S. Chapman, the principal of the law firm of Chapman & Associates. "What we see in most of these cases is that, by the time the scheme collapses, the perpetrator essentially ran out of money," said Chapman.
Third parties that assisted Copeland or failed to alert authorities or investors, or prevent him from perpetrating his fraud when they had a duty to do so, may be held liable for investor losses, said Chapman. His securities litigation law firm is continuing to investigate Robert Copeland's alleged fraud, and is preparing to take action on behalf of victimized investors. If you have lost money invested with Robert Copeland or his companies, contact us immediately by email at jchapman@jscltd.com, or phone at 866-220-3300.