Barry Smith, a friend and client of Sherman for 34 years, lamented losing $5 million due to Sherman’s deceitful schemes.
The Deceptive Investment Scheme
The government’s case outlined Sherman’s elaborate scheme, where he misled clients into investing in South Florida real estate projects, including Bay Harbor Islands. Under false pretenses, he claimed authorization to broker development rights and secure private investors’ loans for developers.
Promising lucrative returns of 6% to 10% annually, Sherman drafted documents, including promissory notes, memorializing investment terms. However, prosecutors unveiled that Sherman diverted the funds for personal use and his law firm, leaving clients in financial ruin.
A Guilty Plea and a Silent Defense
In a dramatic turn, Sherman pleaded guilty in August to two counts of wire fraud. Despite the high-stakes legal drama, Sherman’s defense remained tight-lipped, with his attorney, Douglas N. Duncan of Roth & Duncan, declining to comment.
As the legal saga unfolds, the fallout from Craig Sherman’s $7.5 million fraud scheme serves as a stark reminder of the trust betrayed and lives disrupted by one lawyer’s web of deception.
