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.
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