A Sarasota man was convicted on multiple fraud charges in the United States District Court for the Middle District of Florida. Beau Diamond was formerly represented by a Miami criminal defense lawyer prior to the feds initiating an investigation, but the third lawyer he retained actually defended Diamond during the eight day jury trial. Sentencing has been set for October 7, 2010. Diamond was accused of running a $37 million Ponzi scheme while he was supposed to running a legitimate investment club. Many of the alleged victims testified on behalf of the government.
After hearing all of the evidence, the jury convicted the defendant on all 18 counts including mail fraud, wire fraud, money laundering, and other illegal monetary transactions. The government argued that Diamond spent $7 million of investor money to pay for an expensive condominium, a sports car and gambling trips to Las Vegas. Approximately 200 investors lost money as a result of Diamond's organized scheme to defraud. The prosecution alleged that the defendant guaranteed exorbitant returns to investors, but in reality was using new investors' money to pay old investors, and in reality he never a made a profit trading the FOREX market.
Prior to the sentencing hearing in federal court, a federal probation officer will do a thorough background check on Diamond in order to give the government, his defense lawyer and judge an idea about his past. The probation officer will also calculate Diamond's sentencing guidelines. The probation will take into account the offenses for which he was convicted and any aggravating or mitigating factors that can either increase or decrease his sentence. While Diamond's lack of a past criminal record will help him, the vulnerability of the victims, the amount of loss, the fact that he was the organizer, and the lack of acceptance of responsibility will weigh heavily on his recommended guidelines. The federal sentencing guidelines, are just that, guidelines. The court can deviate upwards or downwards depending on certain factors set forth in the federal statutes and case law.
After the pre-sentence investigation is completed by the department of probation, the judge, the government and defense counsel will be provided with a copy. Government lawyers and defense attorneys have 30 days to file objections to the report and to the calculated recommended sentencing guidelines. A experienced criminal attorney will object to all level increases and argue for as many level reductions applicable in a particular case. Defense counsel should also make Booker arguments in an effort to receive a sentence below the recommended guidelines.
The defense attorney who defended Diamond at trial will also handle the appeal in the case. In federal court, the trial lawyer is also responsible for all appellate matters. It is not likely that the U.S. district judge that presided over the trial will release Diamond pending the outcome of the appeal. In any event, Diamond is looking at approximately 20 years in federal prison, but will receive and exact sentence on October 7, 2010..
Beau Diamond to Learn His Fate on October 7, Sarasota Herald Tribune.com, July 23, 2010.
