PHILADELPHIA — Sean Donald Premock, a former licensed stockbroker from Ft. Lauderdale, Florida, has been sentenced to ten years in prison for orchestrating a multi-million dollar fraud against his clients.
The 47-year-old pleaded guilty to nine counts of mail fraud, nine counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud. Premock admitted to operating under fraudulent pretenses from at least 2009 until after he lost his professional licenses in 2013.
While working for a Florida securities firm, Premock duped investors, many of whom were elderly, by setting up two fake companies, Mocktrading Investments and Mock Trading Group. He promised them safe investments but instead squandered their life savings on risky ventures that failed. Premock even went so far as to alter his identity to evade detection.
U.S. Attorney William M. McSwain emphasized the severity of the crime, stating, “The damage done by such corrupt financial advisors can be catastrophic.”
The FBI’s Philadelphia Division, which investigated the case, praised their efforts in bringing Premock to justice. Special Agent in Charge Michael J. Driscoll highlighted the emotional impact on victims, noting that many lost their life savings.
Assistant United States Attorney Michael S. Lowe will be handling the prosecution of this case, ensuring that justice is served for the defrauded investors.
RELATED: Premock Bilks Elderly Out of $1M: Florida Adviser Cops to Fraud
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Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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