MIAMI, Fla. — An elderly retired attorney, aged 80, has admitted to federal wire fraud charges amounting to nearly $7 million and could be sentenced to a maximum of 40 years in prison.
Craig Sherman, who practiced law in Boca Raton and also served as the town attorney for Bay Harbor Islands, has confessed to defrauding both clients and friends through an investment scheme spanning from 2013 to 2020.
This revelation was made in a news release by the U.S. Attorney’s Office for the Southern District of Florida.
Reportedly, the retired lawyer solicited funds from his victims under the pretense of investing in real estate projects.
He assured them that the money would be used for construction and that they would receive an annual interest of six to eight percent on their loans.
Instead of using the funds as promised, Sherman diverted the money for personal expenses, including keeping his law firm financially afloat.
The news release highlights that he even utilized investment funds from certain victims to settle payments owed to other investors.
On a Monday, the retired lawyer entered a guilty plea to two counts of federal wire fraud in West Palm Beach. The potential penalties for each count are a maximum of 20 years in prison, and he will also be obligated to make restitution to the victims.