Indiana, Pennsylvania Investment Adviser Indicted on Criminal Fraud Charges
PITTSBURGH—A resident of Indiana, Pennsylvania has been indicted by a federal grand jury in Pittsburgh on charges of securities fraud and mail fraud, United States Attorney David J. Hickton announced today.
The two-count indictment, returned on Nov. 19 and unsealed Friday, named Bernard M. Parker, 55, of Indiana, Pennsylvania as the sole defendant.
According to the indictment, Parker was an investment advisor in Indiana, Pennsylvania. He was the principal in Parker Financial Services. He solicited investments from his clients to purchase Investor Contracts which purportedly were vehicles to purchase tax lien certificates. The vast majority of the funds received were used for personal expenses and not the purchase of tax lien certificates.
The law provides for a maximum total sentence of 30 years in prison, a fine of $1,250,000 or both. Under the Federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendant.
Assistant United States Attorney Robert S. Cessar is prosecuting this case on behalf of the government.
The Federal Bureau of Investigation, Internal Revenue Service—Criminal Investigation, and the United States Postal Inspection Service conducted the investigation leading to the indictment in this case.