Andrew Dale Ledbetter, Wire and Securities Fraud, Florida 2023
MIAMI, FL - In a shocking turn of events, a South Florida lawyer has been charged with conspiring to commit wire fraud and securities fraud in connection with an investment scheme that impacted over 3,600 investors in 42 states, resulting in more than $100 million in losses.
According to the allegations, Andrew Dale Ledbetter, 78, of Fort Lauderdale, Florida, worked as an attorney and outside counsel for 1 Global Capital LLC, a commercial lending business that made high-interest loans to small businesses. Ledbetter was involved in raising funds from investors nationwide, promising them a share of the principal and interest payments.
The scheme, which began in or around 2015, involved Ledbetter and other principals at 1 Global using investment advisors and other intermediaries to raise money from investors. However, the investment offering was not registered with the U.S. Securities and Exchange Commission, and substantial questions arose about whether it was a security that required registration.
To avoid the additional expenses and reporting requirements, Ledbetter and another partner at his law firm, Jan Douglas Atlas, authored false opinion letters in 2016 that described the investment opportunity inaccurately. Ledbetter used and relied on these letters to continue raising money from investors, knowing they were misleading.
According to the information, Ledbetter personally raised over $100 million in investor funds, receiving approximately $3 million from 1 Global, mostly in the form of commissions. The case is assigned to U.S. District Judge Darrin P. Gayles of the Southern District of Florida.
Andrew Dale Ledbetter, a 78-year-old Fort Lauderdale resident, is charged with conspiracy to commit wire fraud and securities fraud. The investigation is ongoing, and it is unclear what the outcome will be.
Defendant: Andrew Dale Ledbetter, 78, of Fort Lauderdale, Florida
Criminal Charges: Conspiracy to commit wire fraud and securities fraud
City and State: Miami, Florida
Exact Date: N/A (information filed)
Sentence or Outcome: Pending
Dollar Amounts: Over $100 million in losses, approximately $3 million in commissions received by Ledbetter
Key Facts
- State: Florida
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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