Recovering Losses caused by Investment Misconduct

Further Delays in Federal Case Against Kevin Harris of Warren, Ohio

After an 80-minute hearing on Tuesday, convicted Ponzi-schemer Kevin Harris (of Warren, Ohio) still hasn't been sentenced for his crime ("‘Volume of victims' postpones sentencing in Ponzi case," Vindy.com, March 16, 2011). The sentencing was delayed after a probation officer told the presiding judge that she had not been given over 300 victim-impact statements. Judge Wells decided she needed time to review the statements before Harris could be sentenced.

Harris's arraignment last October was also delayed, at the request of his attorney. (For more info, read our 11/1/2010 blog post.) He was charged with fraud and money laundering and accused of lying to investors about his background and experience with money management.

According to the authorities, Harris told more than 400 potential investors that he could professionally manage their accounts and that he was highly skilled in foreign-currency trading. In reality, he had no training or experience at all. He had also spent time in a federal penitentiary for theft, a fact which was kept hidden from investors.

In the Vindy.com article, Federal Prosecutor David Toepfer said the Harris case is "unique in the volume of victims," but that Harris deserved some credit for self-reporting the $20 million Ponzi scheme, cooperating with the authorities, and providing documentation to the federal government to help sort out the details.

Toepfer is recommending that Harris receive a sentence of about seven years in prison, according to the article. The amount of restitution Harris will be required to pay has not yet been decided, but will almost certainly be over $12.5 million. There are still approximately 100 victim-impact statements that need to be received and reviewed (on top of the 300 statements discussed above) before an exact amount can be calculated.

The sentencing hearing is scheduled to resume at 10:30 a.m. on June 7.

About our law firm:

The Ohio-based law firm of David P. Meyer & Associates represents individuals in Ohio and throughout the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1.866.429.2360 for more information or complete the online form on the top of this page and we will respond promptly.