Mentor, OHAn Ohio man was recently sentenced to six years in prison for stock broker fraud.
Raymond Thomas, a former police officer from Warrensville Heights, reportedly operated a schemed that bilked about 25 investors out of an estimated $889,000, according to the News-Herald.
Thomas was charged in June in US District Court with one count of mail fraud and one count of making and submitting a false tax return.
US Attorney Steven M. Dettelbach told the news source that Thomas had told his family, friends and former colleagues that by investing with him they would earn profits at a high rate.
"Defendant represented to investors that their money would be placed in the business of their choosing, whether that was Strictly Stocks, JR Ventures or Adams Title Agency, and that their money would not be used for any other purpose. These representations were false," according to Dettelbach.
Thomas allegedly used the post office for his scheme and misstated his income by more than $186,000 on his 2006 tax return.
If you or a loved one have suffered losses in this case, please click the link below and your complaint will be sent to a financial lawyer who may evaluate your Stock Broker claim at no cost or obligation.