Mason, OH Man Pleads Guilty in Investment Scheme
The former owner of EMC Financial Services Inc. (a Mason, OH investment, financial planning, and tax prep company) pleaded guilty to his alleged role in an Ohio investment scheme.54-year-old Elliot Kravitz was charged with one count of wire fraud. He faces up to 20 years in prison and a fine of up to $250,000. Kravitz may also be responsible for approximately $2 million in restitution payments.
According to the plea announced this week by Carter Stewart, United States attorney for the Southern District of Ohio, and Keith Bennett, special agent in charge Federal Bureau of Investigation Cincinnati, the charges stemmed from Kravitz's time at an independent investment firm where he sold securities.
In 2007, Kravitz supposedly advised a client to take money out of the stock market and put it instead in real estate. After the client signed a form to allow the money to be moved, Kravitz allegedly put it in a personal account and withdrew more than $700,000 for personal use. According to the plea, Kravitz also took over $1 million from eight other clients in the same way. Kravitz hurt his own case when he sent the original client a year-end account portfolio showing the fake real estate investment.
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