Disbarred NJ Attorney Sentenced to 30 Months for $1M Fraud

Lawrence Coven, a disbarred attorney from Hillsborough, New Jersey, was sentenced to 30 months in federal prison and three years of supervised release after pleading guilty to wire fraud. Coven operated Sunrise Enterprises LLC, which claimed to provide high-yield, low-risk investment opportunities, but instead he diverted investor funds for personal expenses such as real estate, credit card bills, and entertainment. He falsely promised investors returns of 10 to 15 percent and assured them their money was safe, even as he used new investors' funds to pay earlier ones in a Ponzi-like scheme. When questioned by investors, Coven provided misleading reassurances to conceal his fraudulent activities. The scheme eventually collapsed, prompting federal prosecutors to take action. The sentencing was announced by the U.S. Attorney's Office and the Department of Justice.