Financial Adviser Faces Federal Charges for $4.8 Million Investment Scheme
A Kalamazoo, Michigan financial planner has recently been charged by federal prosecutors for running a $4.8 million investment scheme over a five year period. Specifically, prosecutors allege that Joseph Fabian told clients that he was investing their money in certificates of deposits and other legitimate investments but then took the money for his own use or to advance his other business interests. Court documents filed by prosecutors allege that Mr. Fabian conducted this multimillion dollar investment scheme from July 2005 - August 2010.One family claims that they invested $300,000 with Mr. Fabian after he told them that he would help them provide for their two grandsons with special needs whom the couple has adopted. Prosecutors allege that Mr. Fabian promised this couple that their money was going into certificates of deposit with a 4% return and provided fake certificates of deposits with real bank names to the couple. Then, prosecutors claim, Mr. Fabian put the money into one of his businesses called Recycling Brokers, LLC.
Mr. Fabian's broker license was suspended by the Financial Industry Regulatory Authority in 2009.
About our law firm:
The Ohio based law firm of David P. Meyer & Associates represents investors in stockbroker mediation, arbitration, and litigation claims. Please call 1.866.429.2360 to learn more about what an investment fraud attorney can do for you.
Category: General
There are no comments.
Post a comment
Post a Comment to "Financial Adviser Faces Federal Charges for $4.8 Million Investment Scheme"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."