A Saranac Lake man has been caught red-handed in a scheme to swindle nearly $400,000 from his customers.
Mark Gillis, 47, pleaded guilty to securities fraud on an unspecified date in Albany, New York. According to the investigation, Gillis, a licensed stockbroker, purchased shares of a stock and then transferred the shares to three customers at improper markups of up to 280%.
As a result, Gillis stole $379,652.41 from the customers to cover up a nearly $400,000 loss he suffered while trading securities for his own benefit.
Gillis faces up to 25 years in prison, a fine of up to $250,000, and a term of post-imprisonment supervised release of up to 5 years when he is sentenced by Senior United States Judge Norman A. Mordue on April 9, 2018, in Albany.
He will also be required to forfeit $379,652.41 to the United States. The Securities Investor Protection Corporation insured the investors’ losses.
The case was investigated by the FBI and is being prosecuted by Assistant U.S. Attorney Cyrus P.W. Rieck.
Gillis’ crime was announced by Acting United States Attorney Grant C. Jaquith and FBI Special Agent in Charge Vadim D. Thomas.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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