Former Pennsylvania Advisor Sentenced to Prison for Running a $1.2 million Ponzi Scheme

Posted on November 3rd, 2017 at 3:26 PM
Former Pennsylvania Advisor Sentenced to Prison for Running a $1.2 million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former Edward Jones financial advisor, Bernard Parker was sentenced to 87 months in federal prison for running a six-year $1.2 million Ponzi scheme. 

 Mr. Parker was convicted in June for securities fraud, mail fraud and tax violations. Mr. Parker was affiliated with Edward Jones during the time he orchestrated the Ponzi scheme and ran the scheme through his own company, Parker Financial Services.

According to the FBI and IRS, from 2008 through 2014, Mr. Parker solicited clients he had previously worked with, including several elderly clients, to purchase tax lien certificates for real estate and other investment products he sold that were not registered by the state of Pennsylvania or by the SEC.  Moreover, according to prosecutors, instead of actually investing the money as promised, Mr. Parker diverted funds for his own use to pay off his house, car, and medical bills, and to pay off earlier investors in Ponzi scheme-like fashion.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, Edward Jones, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

June 27, 2022
SEC Investigates A.G. Morgan Financial Advisors and Others For Selling Unregistered Securities

The Securities and Exchange Commission (SEC) is investigating Vincent Camarda, James McArthur, and A.G. Morgan Financial Advisors.

June 24, 2022
SEC Charges Advisors and Their Firm With Reg BI Violations Over Sales of GWG L Bonds

The Securities and Exchange Commission (SEC) has charged Western International Securities and five of its advisors with violating Regulation Best Interest (Reg BI) when they recommended and sold high-risk debt securities known as L Bonds to retirees and other retail investors.

June 23, 2022
Former Credit Suisse Advisor Prevails in Deferred Compensation Claim

A former Credit Suisse advisor has prevailed on a $2.2 million arbitration claim after alleging that the firm improperly withheld his deferred compensation when it discontinued its U.S. brokerage business in 2015.