A Florida man is accused of bilking more than 10 clients, one of whom resided in the Philadelphia area, according to a federal indictment unsealed on Thursday, July 7.
Sean Donald Premock, 43, of Fort Lauderdale, faces nine counts of mail fraud, nine counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud, said U.S. Attorney Zane David Memeger in a press release.
The indictment alleges that Premock, a Florida stockbroker and investment adviser, started his own investment and financial planning companies after being fired by his previous employer for selling unapproved investments. He then used his companies to defraud clients, most of whom were elderly, according to the indictment.
Premock allegedly convinced the clients to invest with him by promising to invest their money in stocks, bonds, annuities, hedge funds, and “safe” investments. In reality, Premock spent most of their money on himself, using some of it to pay other clients, the indictment said.
The indictment further alleges that Premock continued to hold himself out as a stock broker and investment adviser even after his licenses were suspended and after he was permanently barred by the Financial Industry Regulatory Authority (FINRA) from working as a stock broker or otherwise associating with a firm that sold securities to the public. He failed to disclose that information to his clients, the indictment said.
Premock faces a maximum sentence of 385 years’ imprisonment, a five-year period of supervised release, a $9,510,000 fine, and a $2,000 special assessment, and a likely advisory sentencing guideline range of 87 to 108 months’ imprisonment, the release said.
(2 votes, average: 2.50 out of 5)
Loading...
Comments