Richard Saunders, formerly of St. Louis, Missouri, has pleaded guilty to
an investment fraud scheme that was perpetrated through Advisors Capital
Holdings. The alleged scheme was based on offshore annuities.
According to the allegations, Saunders offered investors guaranteed returns
on the annuities, but the investments were fictitious. Saunders is said
to have kept up the appearance of legitimacy by taking in money from new
investors to pay off prior investors in the
Ponzi scheme. The scheme ran from 2002 to 2008, when Saunders failed to pay investors
and moved to Thailand. He was later deported, and he returned to the United
States earlier this year.
Saunders pleaded guilty to one count of wire fraud, and he additionally
pleaded guilty to a felony count of tax evasion. His sentencing is scheduled
for February 2nd, 2012.
FINRA lawyers with Meyer Wilson represent victims of Ponzi schemes in
stockbroker mediation, arbitration, and litigation. We have recovered millions of dollars in
losses for approximately 1,000 investors, and we look forward to working with you.