Bellefonte Man Sentenced to 17 Years for Securities Fraud
James Hocker, a 49-year-old insurance agent from Bellefonte, Pennsylvania, has been handed down a 17-year prison sentence for committing securities fraud. Hocker was sentenced on April 26, 2019, by United States District Court Judge Matthew W. Brann.
According to U.S. Attorney David J. Freed, Hocker defrauded approximately thirty-eight investors of more than $1.4 million from 2009 to 2018. Hocker, who promised guaranteed returns of up to thirty percent, instead used the money for personal expenses. Many of the victims were elderly and liquidated their retirement accounts and insurance products to invest with Hocker.
The scam left victims with significant financial losses, with Hocker ordered to pay restitution in the amount of $1,495,782.62. The money will be distributed to the victims who were deceived by Hocker’s false promises.
The investigation into Hocker’s activities was carried out by the United States Securities and Exchange Commission’s Enforcement Division and the Federal Bureau of Investigation. Assistant United States Attorney Alisan V. Martin prosecuted the case.
The sentence handed down to Hocker marks a significant blow to his plans to continue committing securities fraud. With 17 years in prison and three years of supervised release, Hocker will have ample time to reflect on the harm he caused to his victims.
The case serves as a reminder to investors to be cautious when investing in unfamiliar funds or with individuals who promise unusually high returns. It is essential to do your research and verify the credibility of any investment opportunity before parting with your money.
In conclusion, James Hocker’s sentencing is a welcome development in the fight against securities fraud. The victims of his scam will finally receive justice, and the community will be safer as a result.
Key Facts
- State: Pennsylvania
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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