Cause And Effect
Charges and Legal Implications of Fraud Case
'scheme filled with smoke and mirrors'
Federal Bureau of Investigation (FBI)
'magic shopping app' that simplified online shopping
Albert Saniger
Maximum sentence for securities fraud
20
Total amount raised from investors
$50 million
1
Maximum penalty if found guilty
40
Amount raised for Nate
$40 million
Key Facts
- Serious Charges: Saniger faces two counts of fraud, each carrying a potential 20-year sentence, totaling up to 40 years if convicted.
- FBI Investigation: The Federal Bureau of Investigation characterized Saniger's promotion of Nate as a 'scheme filled with smoke and mirrors'.
- Deceptive Marketing: Saniger marketed the app as a 'magic shopping app' that simplified online purchases.