United States v. Simmons, No. 12-4469 (4th Cir. 2013)Annotate this Case
Defendant appealed his sentences and convictions for one count of securities fraud, one count of wire fraud, and two counts of money laundering. Defendant's convictions stemmed from his operation of a $35 million Ponzi scheme called Black Diamond Capital Solutions. The court affirmed defendant's two fraud convictions but reversed his two money-laundering convictions because the transactions prosecuted as money laundering constituted essential expenses of his underlying fraudulent scheme. Accordingly, the court affirmed in part, reversed in part, and remanded for further proceedings.