Ex-Advisor Sentenced to Almost 22 Years in Prison Over Fake-Annuity Scam

August 9, 2022 by Jeff Berman

A former registered broker and investment advisor has been sentenced to almost 22 years in prison after being convicted of stealing over $9.3 million from clients as part of an annuities-related Ponzi scheme, according to court documents and the Department of Justice.

After a trial in U.S. District Court for the Northern District of Ohio, Raymond A. Erker, 52, of Avon, Ohio, was sentenced Tuesday by Judge Dan Polster to 262 months in prison. A restitution hearing for Erker has been scheduled for Dec. 9.

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Wink’s Note: Come on, dude.
We definitely DO NOT need the help.
Annuities already get a bad rap. Now, we get clowns like this guy, giving annuities a bad name. -sjm

Originally Posted at ThinkAdvisor on August 3, 2022 by Jeff Berman.