Richard E. Gearhart, Securities Fraud, Indiana 2020

A 69-year-old man from St. John, Indiana has pleaded guilty to securities fraud, announced U.S. Attorney Kirsch.

Richard E. Gearhart, the owner of Asset Preservation Specialists, Inc., pleaded guilty to conspiracy to commit securities fraud.

Fraud schemes targeting the elderly are particularly egregious crimes, said US Attorney Thomas L. Kirsch, II.

Between January 2008 and March 2013, Gearhart and his co-conspirator sold securities to more than 25 investor victims through false statements, misrepresentations, and omissions of material facts.

Gearhart's actions resulted in misleading the investor victims into purchasing securities from him and his co-conspirator, whereby the victims' investments were used for the personal benefit of Gearhart and his co-conspirator.

In his plea agreement, he agreed to serve 5 years in prison and pay restitution to all victims impacted by the fraud, subject to the approval of the court.

The sentencing date will be determined by the court at a later date. The case was the result of an investigation by the U.S. Postal Inspection Service, the Federal Bureau of Investigation, and the Indiana Secretary of State, Securities Division.

The case is being prosecuted by Assistant United States Attorney Toi Denise Houston.

Source: https://www.justice.gov/usao-ndin/pr/st-john-indiana-man-pleads-guilty-securities-fraud