Gregory Alan Smith, a Shreveport investment advisor, pleaded guilty to conspiracy to commit wire fraud over the summer of 2019. Now, his sentencing has been pushed back months, pending the trial of his co-defendant Kirbyjon H. Caldwell. Smith, 55, previously pleaded guilty to swindling clients out of millions. This case is now under review by Rosca Scarlato LLC attorneys.
The Rosca Scarlato LLC investment fraud lawyers are investigating activity related to Gregory Alan Smith’s alleged conspiracy to commit wire fraud on behalf of investors. Rosca Scarlato LLC lawyers are also reviewing any case-related records. Those with useful information or questions about their potential loss recovery options may contact attorney Alan Rosca or his colleagues for a free, no-obligation discussion. Call 888-998-0530 or email arosca@rscounsel.law to learn more.
Last summer, Gregory Alan Smith pleaded guilty to conspiracy to commit wire fraud. Smith reportedly swindled clients out of $3.5 million. Beginning in 2013, Smith allegedly began approaching clients with an offer to invest in Chinese historical bonds. However, per previous reports, these bonds were not recognized by the Chinese government and therefore had no investment value. They were bonds issued prior to the Chinese Communist Revolution of 1949.
While Smith’s sentencing was initially set for Dec. 11, it has been pushed back to May 4 at 10 a.m. because of the ongoing trial of his co-defendant Kirbyjon H. Caldwell. Smith potentially faces five to seven years of imprisonment with five years of supervised release, a $1 million fine, restitution and forfeiture.
Gregory Alan Smith Pleaded Guilty to Conspiracy to Commit Wire Fraud
A request from the government resulted in Gregory Alan Smith’s sentencing date to be pushed back several months. Because of Smith’s co-defendant’s ongoing trial (which was continued to April 2020), the government requested that Smith’s sentencing date happen at a later date.
The government filed this request on Nov. 22, only weeks before Smith’s original Dec. 11 sentencing date. Chief U.S. District Judge S. Maurice Hicks Jr. approved this request a few days later, pushing back the sentencing date to May 4 at 10 a.m.
The request to postpone Smith’s sentencing date stated,
“Because the sentencing hearing date precedes the date of the trial for the remaining co-defendant, the government requests that the Court continue and postpone the sentencing hearing to a date after the trial so that the government and the Court can have a full opportunity to assess and evaluate all relevant information for sentencing.”
Kirbyjon H. Caldwell, Gregory Alan Smith’s co-defendant and a pastor in Houston, has maintained his innocence. Smith’s reported method of swindling investors was to say that Caldwell was the one putting the bond deals together. Smith also allegedly told investors that Caldwell was the one brokering the deal to sell the Chinese historical bonds.
Late last year, Caldwell, a spiritual advisor to President George W. Bush, announced that he was diagnosed with stage one prostate cancer.
However, Smith didn’t just use Caldwell’s influence — he also used his own. According to information presented during Smith’s trials, the investment advisor used his own status to convince multiple investors to invest with him. When victims asked where their investment returns where, Smith and Caldwell reportedly assured them that their returns would soon reach them while defending the legitimacy of their investments. According to reports, Smith and Caldwell allegedly targeted the elderly and potentially vulnerable investors.
United States Attorney David C. Joseph stated that this specific case was included in the United States’ largest elder fraud sweep. Elder fraud cases include both criminal and civil cases where seniors were specifically targeted because of their age, or where seniors were disproportionately targeted.
Out of the $3.5 million allegedly swindled out of investors, Smith obtained $1.08 million. He then used this money to pay down loans and maintain his lifestyle by purchasing luxury items, such as expensive sports cars.
Investment Fraud Lawyers Investigating
The Rosca Scarlato LLC investment fraud lawyers represent investors who lose money as a result of broker misconduct or fraud. Currently, our attorneys are investigating Gregory Alan Smith’s alleged conspiracy to commit wire fraud. The firm takes most cases of this kind on a contingency fee basis and advance the case costs; payments for their fees and costs only come out of money recovered for clients.
A securities lawyer and adjunct professor of securities regulation, attorney Alan Rosca has represented thousands of victimized investors, both in the United States and around the world, in cases ranging from arbitrations to class actions.
Investors who believe they may have lost money as a result of Gregory Alan Smith’s conspiracy to commit wire fraud may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options. Investors can call 888-998-0530, email arosca@rscounsel.law, or use the contact form on this webpage to get in touch.