Peiffer Wolf Investigating Frederick Mitchell “Mitch” McNab; the Former Houston County Attorney Pleaded Guilty to Misappropriating Worth of $10.5 million of Client Funds
The Peiffer Wolf investment recovery lawyers are currently investigating Frederick Mitchell “Mitch” McNab, a former Houston County attorney who entered a mid-December guilty plea to misappropriating and misusing over ten million dollars of client funds, according to the Alabama Securities Commission.
McNabb pleaded guilty to 55 criminal charges in Houston County Circuit Court including 30 theft of property charges and 25 securities-related charges including sale of securities by an unregistered agent, sale of unregistered securities, acting as an unregistered investment adviser for compensation, securities fraud and, sadly, financial exploitation of an elderly person, according to Alabama Securities Commission documents being looked over by attorneys James Booker and Joe Peiffer.
In addition, McNab has reportedly surrendered his passport and remains free on his original bond of $310,000.
Authorities Allege that McNabb Used Client Funds to Pay Previous Investors
Authorities report that from November 2002 to November 2013, McNab allegedly misappropriated and misused funds from multiple clients living in Houston and surrounding counties. In a classic Ponzi scheme litmus test, McNab used their money to pay his previous victims who believed their funds were secure in an account held or controlled by McNab and earning interest for the benefit of the victims.
McNab, according to authorities, was also accused of using client funds for unrelated personal expenses.
McNab does not have a clean sheet. He was previously arrested in 2013, and again in April, 2014 by Houston County law enforcement officials on felony theft by deception charges related to an earlier investigation conducted by the Dothan Police Department, sources in Texas have revealed.
Investor Fraud Attorneys Investigating
The Peiffer Wolf fraud attorneys often represent investors who lose money as a result of investment misconduct or Ponzi schemes. They are currently investigating Frederick Mitchell “Mitch” McNab and the possibility of assisting any investors who believe that they have lost money with his investment offers. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Any Investors who believe they lost money as a result of investments with Frederick Mitchell “Mitch” McNab may contact the investment fraud attorneys at Peiffer Wolf, James Booker or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (216) 589-9280.