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PRESS RELEASE: Jury Convicts Woburn Woman, Rosalind Herman, of $1.3 Million Fraud

Department of Justice
U.S. Attorney’s Office
District of Massachusetts
FOR IMMEDIATE RELEASE
Wednesday, April 6, 2016

Jury Convicts Woburn Woman of $1.3 Million Fraud

BOSTON – Following a six-day trial, a Woburn woman was convicted yesterday in U.S. District Court in Boston in connection with defrauding over $1.3 million from investors.

Rosalind Herman, 60, was convicted by a jury on investment adviser fraud, tax fraud, wire fraud and conspiracy. U.S. District Court Judge William G. Young scheduled sentencing for June 29, 2016.

Herman owned and controlled companies in Massachusetts and Nevada that provided investment advice and sold insurance products to individual investors. From 2008 to March 2013, Herman and her business partner, Gregg Caplitz, pitched a new hedge fund company investment to existing clients. The purported investment was billed by Caplitz and Herman as a hedge fund company owned by Herman. No hedge fund ever existed, however, and the investment funds obtained from clients were used to fund personal expenses for Herman, her family and Caplitz. In total, more than a dozen victims lost more than $1.3 million in savings, most of which were retirement savings.

In addition, from 2003 to 2012, Herman failed to file accurate tax returns for herself and her companies, including the $1.3 million in investor funds she took from investors, and also by fabricating business expenses. In many instances during this time period, Herman failed to file any tax returns for herself or her companies.

Caplitz previously pleaded guilty to fraud and tax charges, and testified against Herman at trial. He is scheduled to be sentenced on May 17, 2016.

The charges of investment advisor fraud and conspiracy provides a sentence of no greater than five years in prison, three years of supervised release, a fine of $250,000, or twice the gross gain or loss, whichever is greater. The charge of tax fraud provides a sentence of no greater than three years in prison, one year of supervised release, a fine of $250,000, or twice the gross gain or loss, whichever is greater. The charge of wire fraud provides a sentence of no greater than 20 years in prison, six years of supervised release, a fine of $250,000, or twice the gross gain or loss, whichever is greater.

Actual sentences for federal crimes are typically less than the maximum penalties. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Carmen M. Ortiz; Joel P. Garland, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston; and Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement. The U.S. Attorney’s Office acknowledges the assistance provided by the Securities and Exchange Commission. The case is being prosecuted by Assistant U.S. Attorneys Sara Miron Bloom and Mary B. Murrane of Ortiz’s Economic Crimes Unit.

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Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

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