Former Westlake funding advisor Raymond A. Erker, 52, of Avon, was sentenced Aug. 7 by U.S. District Decide Dan Polster to just about 22 years in jail following his conviction at trial of stealing greater than $9.three million from shoppers in a Ponzi scheme.
A restitution listening to regarding this matter was scheduled for Dec. 9, based on a information launch.
“Mr. Erker misled, cheated and conned over fifty victims, lots of them aged, into trusting him with their life financial savings and hard-earned retirement funds, all for assured charges of return and low-risk investments that had been fabricated,” mentioned First Assistant U.S. Lawyer Michelle M. Baeppler, within the launch. “As an alternative, Erker squandered the cash he was entrusted with and brought about monetary break and ache for a lot of.
“Now, because of the work of regulation enforcement, Mr. Erker should repay his debt to those victims and our neighborhood.”
“Be suspect of anybody who ensures that an funding will carry out a sure approach, as a result of all investments carry some extent of danger,” mentioned Ohio Securities Commissioner Andrea Seidt, within the launch. “Traders must ask a lot of questions and do further analysis.
“Traders can name our Investor Safety Hotline at 877-683-7841 to seek out out if the particular person is licensed to promote securities and if the product is correctly registered.”
In accordance with courtroom paperwork and proof introduced at trial, from January 2013 via July 2018, Erker devised a scheme that stole $9,366,976 from not less than 54 traders.
As a part of the scheme, Erker bought investments to shoppers that he misrepresented as annuities and senior secured notes with no danger of loss and with a assured fee of return.
Courtroom paperwork state that Erker, with out the approval or consent of traders, diverted funds to different entities that they managed and their private financial institution accounts.
To maintain up with promised charges of return, Erker falsely represented that funds to earlier traders had been charges of return and curiosity when, really, these funds had been new investor funds, the defining attribute of a Ponzi scheme, the discharge mentioned.
Erker additionally was convicted of constructing a false assertion underneath oath.
Co-defendants Kevin M. Krantz and Tara M. Brunst beforehand had been sentenced for his or her roles within the scheme.
The Ohio Division of Commerce Division of Securities, United States Postal Inspection Service and Westlake Police Division investigated the case.
