Former Broker Charged In Ponzi Scheme
David Bridges, a former registered broker employed by NYLife Securities LLC, Allstate Financial Services, LLC, MML Investors Services, Inc., and Northwestern Mutual Investment Services, LLC. was charged with bilking investors out of more than $650,000.
Bridges used sham companies to conduct his fraudulent operation and induced his clients to purchase annuity contracts from one of his companies called SD Capital LLC. Victims bought new products and rolled over their IRA accounts to a fund that was supposed to be managed by SD Capital. Investors would write checks for the transaction but Bridges allegedly deposited the money in his own bank account. The money was instead used to support his life of Luxury.
Several of Bridges’ victims have been long-time residents of Carmel, Indiana. His scam was revealed when Carmel police were notified of alleged irregularities in their statements. Carmel police then forwarded the information to the FBI, which has led the investigation since.
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