Fraudulent activity led to the combined loss of $10 million for 800 individuals

In the everyday world, individuals rarely know when someone may be lying to them or committing fraud. One section of legal claims focuses on the act of executing fraud. Within Phoenix, business law attorneys experience scam-related claims on a regular basis.

Andrew Bogdanoff, founder of Remington Capital, is one example of an alleged scam artist. Bogdanoff, his son Aaron Bogdanoff and four other men have been accused of defrauding a minimum of 800 people out of at least $10 million.

Last Thursday, Bogdanoff and all accused parties were identified by the U.S. Attorney General for the Eastern District of Pennsylvania in a 33-count indictment, according to the Arizona Republic. The other men accused of fraud are Joel Nathanson, 25, Matthew McManus, 43, Shayne Fowler, 27, and Frank Vogel, 47.

"It is incumbent on federal prosecutors to root out and prosecute this illegal activity so that innocent people do not suffer traumatic financial losses at the hands of people who flagrantly lie to make money," Zane Memeger, U.S. attorney for the district, told the news source.

Plaintiffs allege that Bogdanoff and his staff hoaxed them out of $100,000 in up-front fees while claiming falsehoods regarding a potential investment in financing the victims' projects. According to the indictment, the Remington company delivered letters to their clients that claimed lenders were interested in funding their projects. However, Bogdanoff did not speak to any funding sources, allegedly.

According to the lawsuit, once the clients paid the fee, the Remington company had employees look for possible defects in the projects and hold the client responsible for failing to gain investors' money.

In Phoenix, individuals looking to avoid fraud and business owners desiring to keep customers satisfied should seek small business legal advice from a business lawyer.

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