Flom’s Downfall: 48 Months for Money Laundering
Attorney Jonathan Flom, licensed in three states, has been sentenced to 48 months’ imprisonment and three years’ supervised release for money laundering.
The sentence was handed down by United States District Judge Roslynn R. Mauskopf at the federal courthouse in Brooklyn, New York.
‘Attorney Jonathan Flom took advantage of the trust placed in him by virtue of his profession to make easy money for himself,’ stated Acting United States Attorney Bridget M. Rohde. ‘Such abuse of trust will be appropriately punished.’
Flom preyed on the vulnerabilities of victims who were already being cheated out of money, falsely representing himself as someone who was working in their favor,’ said Assistant Director-in-Charge William F. Sweeney Jr.
On June 24, 2016, a federal jury convicted Flom of money laundering after a five-day trial. Court filings and testimony revealed that between December 2013 and April 2014, Flom accepted $141,300 into his bank account from investors he believed were victims of a securities fraud scheme.
He then funneled those monies to a man he believed was orchestrating the fraud scheme, but who in fact was an undercover agent with the FBI—while keeping a 5% fee for himself. Recorded conversations between Flom and the undercover agent were presented at trial, in which Flom bragged that the letters of his name stood for ‘For Love of Money’ and provided advice to the undercover agent about how they could use the guise of attorney-client privilege to conceal the fraud from law enforcement.
The government also presented evidence that between approximately February 2012 and August 2013, Flom knowingly laundered $756,168 in a nearly identical securities fraud scheme with Cecil Franklin Speight.
Cecil Franklin Speight was sentenced to 42 months’ imprisonment and ordered to pay $3.3 million dollars in restitution following his guilty plea to conspiracy to commit mail fraud and securities fraud.
The government’s case is being prosecuted by Assistant United States Attorneys Keith D. Edelman, Moira Kim Penza and Jack Dennehy.
Defendant Information:
Defendant: Jonathan Flom
Age: 59
Residence: South Palm Beach, Florida
Criminal Charges: Money laundering
City and State: Brooklyn, New York
Exact Date: Today
Sentence: 48 months’ imprisonment and three years’ supervised release
Dollar Amounts: $141,300, $756,168, $3.3 million
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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