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Indiana investment adviser sentenced to prison for fraud

Indiana investment adviser sentenced to prison for fraud

Indiana investment adviser sentenced to prison for fraud

From The Indiana Gazette

Acting U.S. Attorney Soo C. Song announced Monday that former Indiana investment adviser Bernard Parker was sentenced to 87 months imprisonment, three years supervised release and ordered to pay $1,212,663.93, on his conviction at trial of one count of securities fraud, one count of mail fraud and four counts of filing false tax returns.

Parker, 56, was sentenced by U.S. District Judge Reggie B. Walton.

According to Assistant U.S. Attorneys Robert S. Cessar and Rachael L. Mamula, who prosecuted the case, the evidence presented at trial established that Parker, the principal of Parker Financial Services, solicited his clients by signing “investors contracts,” to invest in tax lien certificates, municipal bonds, computer software, real estate and other undefined investments.

Parker then used the vast majority of the money taken from these investors for his personal expenses instead of the various investments agreed upon with his clients. Further, Parker filed false federal tax returns for tax years 2010, 2011, 2012 and 2013, each of which failed to report his income.

The Federal Bureau of Investigation, the Internal Revenue Service’s criminal investigation and the U.S. Postal Inspection Service conducted the investigation that led to Parker’s conviction.

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The team of investment fraud lawyers at Starr Austen & Miller LLP fights for the protection of investors and handles cases involving securities arbitration misrepresentation, overconcentration, broker fraud, negligence and breach of trust.