Read the latest news relating to investor claims and broker fraud.

Former Ohio Investment Brokers Plead Not Guilty in Ponzi Scheme

On Tuesday, former Ohio investment brokers Edward Allen and David Olson pled not guilty to all 30 federal charges related to an alleged $14 million promissory note Ponzi scheme.

Authorities claim the two men solicited investments in A&O Companies from investors throughout Ohio, including in North Olmsted, Youngstown, Boardman, and Township, for a period of approximately three years. Allegedly, the men misappropriated investor funds, and used the money to make Ponzi-style payments to other investors and for personal expenses.

A Grand Jury indicted Allen and Olson on charges of securities fraud, mail fraud, wire fraud, and conspiracy. (For more information about the charges, click here.)

According to an article on Vindy.com, Robert Perry, one of the alleged victims and a long-time friend of Olson, said his retirement income has been cut in half due to Allen and Olson's investment scheme. "I've been friends with him for 40-some years, and, when all this happened, not even a phone call," said Perry. (To learn more about the arraignment and Mr. Perry's reaction, read the Vindy.com article here.)

Allen and Olson were arrested in Florida last month. A pre-trial hearing has been scheduled for noon on Sept 7. Trial is scheduled to begin Sept. 19 before U.S. District Judge Benita Y. Pearson.

If convicted on all charges, the men could each face up to 20 years in prison.

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The Ohio-based law firm of Meyer Wilson 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 1-866-827-6537 for more information or complete the online form on the top of this page and we will respond promptly.

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