Experienced executive and former Wall Street broker Michael Bigelow has been sentenced to 15 years in federal prison for orchestrating a $500,000 wire fraud scheme. According to the Manhattan District Attorney’s Office, the 52-year-old Bigelow, once lauded for his financial acumen, manipulated investors by creating false investment opportunities.
The elaborate scam involved the use of dummy companies and shell accounts to siphon funds from unsuspecting victims, who were promised high returns on investments. Authorities say Bigelow preyed on individuals’ trust, exploiting their desire to capitalize on promising ventures.
Bigelow was indicted in 2023 after a year-long investigation by the Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC). The charges included conspiracy to commit wire fraud, mail fraud, and securities fraud. His co-conspirator, a former financial advisor, received an eight-year sentence.
During his trial, Bigelow’s defense team argued that he was simply a facilitator and not the mastermind of the scheme, but the jury found him guilty on all counts. Manhattan District Attorney Alvin Bragg emphasized the severity of the crime: “Bigelow’s actions were not just financial; they were also morally egregious.”
The court ordered Bigelow to pay $500,000 in restitution and a $5,000 fine. His conviction comes as part of an ongoing crackdown on white-collar crime in New York City.
Joining the Manhattan District Attorney’s Office in bringing charges against Bigelow were the FBI and the SEC. The investigation was a collaborative effort that highlights the importance of working together to combat financial fraud.
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Key Facts
- State: New York
- Agency: NY AG
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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