The United States Department of Justice (DOJ) has announced that a prominent and highly successful businessman, identified as Steven B. Fosselman (SBF), is now headed back to the US to face a number of criminal charges.
SBF had been living and working abroad for the last several years, though the specifics of his business pursuits have not been disclosed. What is clear is that the DOJ seeks to pursue charges against him relating to money laundering and fraud.
The charges that SBF will have to face include five counts of wire fraud, four counts of money laundering, and eight counts of conspiracy to commit fraud; all of which carry substantial criminal penalties. As such, the DOJ has stated that it is taking this case seriously and has made sure that the allegations against SBF are thoroughly investigated.
If convicted, SBF would face a long sentence in federal prison and pay hefty fines. In addition, he could be facing court-mandated restitution to victims of his fraudulent activities. If found guilty on all charges, SBF could face up to forty years in jail.
In its statement, the DOJ noted that this case is an example of its efforts to bring justice to those that have illegally profited at the expense of unsuspecting business partners or investors. It also seeks to demonstrate that anyone who commits these kinds of illegal activities will be prosecuted to the fullest extent of the law.
SBF is due to appear in court soon. The outcome of this case will be watched closely by those in the business world, as its ramifications could be felt far and wide; especially if it serves as a warning to others who may be engaging in similar illicit activities.
