Attorney Michael Avenatti was arrested today pursuant to a criminal complaint alleging he embezzled a client's money in order to pay his own expenses and debts - as well as those of his coffee business and law firm - and also defrauded a bank by using phony tax returns to obtain millions of dollars in loans.
Avenatti, 48, of Century City, was arrested today pursuant to a two-count felony complaint charging him with wire fraud and bank fraud.
Avenatti also allegedly defrauded a bank in Mississippi by submitting to the lender false tax returns in order to obtain three loans totaling $4.1 million for his law firm and coffee business in 2014.
In reality, Avenatti never filed personal income tax returns for 2011, 2012 and 2013 and did not make any estimated tax payments in 2012 and 2013.
"Mr. Avenatti is facing serious criminal charges alleging he misappropriated client trust funds for his personal use and he defrauded a bank by submitting phony tax returns in order to obtain millions of dollars in loans."
"The criminal complaint unsealed today shows a pattern of selfish behavior that paints Mr. Avenatti as a lawyer who only represents his own self interests."
If convicted on both charges, Avenatti will face a statutory maximum sentence of 50 years in federal prison.
https://www.justice.gov/usao-cdca/pr/lawyer-michael-avenatti-arrested-federal-bank-fraud-and-wire-fraud-charges
Avenatti, 48, of Century City, was arrested today pursuant to a two-count felony complaint charging him with wire fraud and bank fraud.
Avenatti also allegedly defrauded a bank in Mississippi by submitting to the lender false tax returns in order to obtain three loans totaling $4.1 million for his law firm and coffee business in 2014.
In reality, Avenatti never filed personal income tax returns for 2011, 2012 and 2013 and did not make any estimated tax payments in 2012 and 2013.
"Mr. Avenatti is facing serious criminal charges alleging he misappropriated client trust funds for his personal use and he defrauded a bank by submitting phony tax returns in order to obtain millions of dollars in loans."
"The criminal complaint unsealed today shows a pattern of selfish behavior that paints Mr. Avenatti as a lawyer who only represents his own self interests."
If convicted on both charges, Avenatti will face a statutory maximum sentence of 50 years in federal prison.
https://www.justice.gov/usao-cdca/pr/lawyer-michael-avenatti-arrested-federal-bank-fraud-and-wire-fraud-charges
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