PITTSBURGH - A resident of Lawrence, Pa., has been indicted by a federal grand jury in Pittsburgh, on charges of wire fraud and filing false income tax returns, United States Attorney David J. Hickton announced today.
The seven-count indictment named James Grimes, a resident of Lawrence, Pennsylvania.
According to the indictment presented to the court, Grimes embezzled funds belonging to clients of his brokerage firm. He also allegedly failed to report the income realized on his tax return for the years 2007-2009.
The law provides for a maximum total sentence of 89 years in prison, a fine of $1,750,000 or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
Assistant United States Attorney James Y. Garrett is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation conducted the investigation leading to the indictment in this case.
An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.