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Baltimore Man Sentenced for Defrauding Retirees
Baltimore, MD – A 34-year-old Baltimore man has been sentenced to 41 months in prison for defrauding over 22 clients out of their retirement funds, which in some cases were their life savings.
According to court documents, Casey Charles, owner of Infinite Equity Strategies, LLC, targeted older, retired homeowners with his scheme, promising them high returns without high risk. He used direct mailings, newspaper ads, and TV commercials to solicit potential clients.
Charles held himself out as a financial specialist and safe money advisor, but was not registered in Maryland or with the Securities and Exchange Commission as an investment adviser.
He executed his scheme by using two methods. Under the first method, Charles told his clients to liquidate their current investments and provide him with the funds, which he then deposited into his own accounts. He used some of the fraudulently obtained funds to invest in risky and unauthorized investments on behalf of his clients, and for his own personal and business expenses.
The second method used by Charles involved recommending that his clients open accounts with a reputable self-directed IRA custodian. After his clients transferred their investment funds, however, Charles submitted forged documents to the trust company, directing it to transfer his clients’ funds to a bank account that he controlled.
As a result of his scheme, Charles defrauded over 22 clients of approximately $890,000 of their retirement funds. He was also ordered to pay restitution and forfeiture of $890,356.90.
The sentence was announced by United States Attorney for the District of Maryland Rod J. Rosenstein, Postal Inspector in Charge Gary R. Barksdale of the U.S. Postal Inspection Service – Washington Division, and Maryland Attorney General Douglas F. Gansler.
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Key Facts
- State: Maryland
- Category: White Collar Crime
- Source: DOJ Press Release ↗
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