Erker was convicted for ripping off investors in a $9.3 million Ponzi scheme. Erker sold clients investments he said were annuities and senior secured notes. He claimed these investments provided a guaranteed rate of return and carried no risk.
Instead, Erker and his codefendants sent the clients’ funds to their personal bank accounts as well as entities they controlled. As new investors unknowingly entered the scheme, Erker used those funds to give previous investors their “returns.”