Mark F. Speakman, Investment Fraud Scheme, Ohio 2023

COLUMBUS, Ohio – A financial advisor turned con artist, Mark F. Speakman, 60, of Grove City, was handed a 60-month sentence in U.S. District Court today for his $1.1 million investment fraud scheme.

United States Attorney Benjamin C. Glassman, IRS Special Agent Frank S. Turner II, and Grove City Police Chief Jeff Pearson announced the severe sentence imposed by Senior U.S. District Judge James L. Graham.

According to court documents, between 2000 and 2015, Speakman, while employed as a financial advisor at Ameriprise Financial, deceitfully misappropriated client funds. He convinced his clients to invest in Centrax, a fraudulent real estate investment trust, rather than the actual real estate. With $870,000 stolen from seven victims, he used the money for personal expenses.

One tragic case involved a dying victim who was persuaded by Speakman to invest her nest egg in Centrax. When she passed away, Speakman attempted to dissuade her family from liquidating the non-existent investment, even after they demanded it.

Speakman also resorted to stealing from new clients to pay off previous victims, accumulating nearly $1.2 million through his fraudulent scheme. He filed a false federal income tax return for 2014, omitting $275,000 in illegal earnings, leading to an IRS loss of approximately $300,000.

In December 2016, Speakman pleaded guilty to wire fraud, money laundering, and filing a false tax return. He agreed to pay nearly $1.2 million in restitution to victims and $300,000 to the IRS.

U.S. Attorney Glassman commented on the case: ‘Mark Speakman’s decade-long fraud exploited clients’ trust and even violated a dying woman’s final wishes. His sentence today is a reflection of the gravity of his criminal actions.’