Ohio Advisor Pleads Guilty In $9.3 Million Ponzi Scheme

Posted on January 14th, 2022 at 12:37 PM
Ohio Advisor Pleads Guilty In $9.3 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law:

A former Northeast Ohio-based advisor, Tara Brunst, has pleaded guilty to her role in a $9.3 million Ponzi scheme. 

Brunst pleaded guilty to several charges including conspiracy to commit mail and wire fraud. According to the complaint, Brunst operated the scheme along with co-defendants Raymond Erker and Kevin Krantz at Sageguard Wealth Management, which is located in Westlake, Ohio. 

The deception occurred between January 2013 and January 2018. Brunst joined Sageguard in 2015 following her termination from PNC Investments. According to the Securities and Exchange Commission’s (SEC’s) Investment Advisor Public Disclosure Database, PNC fired Brunst over allegations that she fabricated a letter at a client’s request to make it appear as though PNC was threatening to close the client’s brokerage accounts. Brunst further failed to inform her manager about the letter while she was failed to cooperate during the investigation, according to the SEC. Brunst also served as a recruiter in the scheme by attracting clients that the co-conspirators could sell investments that they misrepresented as annuities with no risk of loss and a guaranteed rate of return, according to federal investigators. The scheme impacted at least 54 clients and enabled the co-conspirators to misappropriate nearly $9.3 million, according to the complaint. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, ponzi scheme

Return to Archive

TESTIMONIALS

Previous
Next

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

November 20, 2025
Supreme Alliance Fined for Failure to Supervise Variable Annuity Sales

The Financial Industry Regulatory Authority (FINRA) has fined Supreme Alliance $80,000 for failing to supervise recommendations and exchanges involving deferred variable annuities, as well as for failing to document background checks for newly hired registered representatives.

November 19, 2025
Lawsuit Accuses Inspired Healthcare Capital of Concealing Insolvency

According to news sources, a new lawsuit alleges that Inspired Healthcare Capital (IHC) and its CEO, Luke Lee, misrepresented the company’s financial health and concealed insolvency from a lender who extended a $1.5 million loan in late 2024.

 

November 18, 2025
Former FINRA Brokers with Misconduct Histories Flock to Insurance Industry, According to Recent Study

A recent academic study reveals that thousands of brokers expelled from the securities industry for misconduct nonetheless continue to operate under state insurance licenses, often selling annuities and other financial products to unsuspecting clients.