Premock Bilks Elderly Out of $1M: Florida Adviser Cops to Fraud

PHILADELPHIA, PA – Sean Donald Premock, 44, of Ft. Lauderdale, Florida, is facing a lengthy prison sentence after admitting to a brazen scheme that ripped off clients for over $1 million. Premock pleaded guilty today to nine counts of mail fraud, nine counts of wire fraud, one count of securities fraud, and one count of investment adviser fraud, according to Acting United States Attorney Louis D. Lappen.

The fall from grace for Premock was swift. Once a licensed stockbroker and investment adviser, he was terminated by his employer after pushing unauthorized investments on clients. Undeterred, and seemingly emboldened, Premock launched his own investment companies – which he then weaponized to prey on vulnerable individuals, many of whom were elderly. He didn’t just offer investments; he offered lies.

Premock systematically deceived his clients, promising “safe” investments in stocks, bonds, and other seemingly secure vehicles. The reality? He pocketed the majority of the over $1 million entrusted to him, using the funds for personal expenses. A portion of the stolen money was used in a twisted shell game, paying off earlier investors with funds from newer victims – a classic hallmark of Ponzi schemes. He didn’t stop there.

The scheme was layered with deceit. Premock deliberately concealed the fact that his stockbroker and investment adviser licenses had been permanently revoked. He fabricated false account statements, sending them to clients in a desperate attempt to maintain the illusion of profitability. When clients inevitably demanded their money back, Premock resorted to stalling tactics, even blaming then-President Obama’s policies for a fabricated “lack of liquidity.”

Now, Premock is staring down the barrel of a potential 385-year prison sentence. In addition to imprisonment, he faces a five-year period of supervised release, a staggering $9,510,000 fine, and a $2,000 special assessment. Federal sentencing guidelines suggest an advisory range of 87 to 108 months behind bars, though the judge isn’t bound by those recommendations.

The Federal Bureau of Investigation spearheaded the investigation, with Assistant United States Attorney Michael S. Lowe prosecuting the case. This case serves as a grim reminder of the dangers lurking in the financial world and the importance of due diligence, especially for vulnerable seniors. Grimy Times will continue to follow this case as sentencing approaches.

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