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Ex-FA Sentenced to 22 Years in Jail for Ponzi Scheme

Former financial advisor Raymond A. Erker was sentenced to 22 years in prison for scheming at least 54 investors. So reports Fox 8.

jail cage 1161869 640 smallErker 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.”

Read the full article from Fox 8.

 

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