Indiana man indicted for white collar crimes

An Indiana County investment is accused of stealing $1.2 million from 22 clients over a six-year period, according to federal officials. Last Thursday, a federal grand jury indicted a 54-year-old man from Indiana on one count each of securities fraud and mail fraud. The Securities and Exchange Commission on Monday filed a civil lawsuit against Parker seeking to recover as much of the money as possible. The man, who operates Parker Financial Services out of his home, and his lawyer, Stephen Stallings, declined to comment. Mainly targeting longtime customers in Pennsylvania and Virginia, the man provided investors with computer printouts of vacant lots or homes and told them that his company held liens on the property. Once he gained their trust, investors gave the man thousands of dollars for investments, he took their money. Between 2008 and 2014, he sold Parker Financial Investor contracts that weren’t registered with either the SEC or the state, according to prosecutors. The man told the victims that he would use the money to buy municipal tax liens in Florida, Arizona, and Colorado, but that he used only a small part of the money for that, according to prosecutors. Instead, he used hundreds of thousands of dollars to remodel his house, pay a relative’s medical bills, and cover other personal expenses, according to prosecutors. If you have questions about, or have been accused of white collar crimes, call Pittsburgh white collar crimes lawyer Gary Gerson today for a free consultation at 412-219-6875. Source: TribLive.com, “Indiana County investment broker accused of stealing $1.2M from 22 clients” 23 November 2015