Ronald W. Shepard, formerly of Lee's Summit, MO, has now been indicted
by a federal grand jury for his part in an alleged $3 million
Ponzi scheme. The 72-year-old man is accused of luring in investors while preparing
their tax returns. He would allegedly push investments in his two companies
- Safety Solutions, LLC and The Real Estate. Shepard had apparently already
been barred from selling unregistered securities in Missouri at the time
of the alleged investment scam.
Allegedly, Shepard informed clients that their money would go into lucrative
real estate investments in choice locations, such as Hawaii, Lake of the
Ozarks, and Kansas City, which would net returns of anywhere from 15%
to 100% each year. Unfortunately for investors, the indictment alleges
that Shepard instead used cash from investors to buy his own personal
residence in Lake of Ozarks, invest in other real estate, and to finance
his own personal lifestyle. Many clients chose to cash in retirement accounts
and 401(k)s in order to put money into Shepard's promising pitches.
Shepard faces 15 counts in the alleged real estate investment fraud, and,
if convicted, he could spend 20 years in prison for each count of mail
fraud, 10 years on each count of money laundering, and would need to give
up any ill-gotten property. He is already serving a sentence of 5 years
for a previous tax fraud probation violation in Arkansas.
securities fraud attorneys with Meyer Wilson help victims of stockbroker fraud and investment scams
recover losses through mediation, arbitration, and litigation. We represent
clients nationwide, and we look forward to putting our skill and experience
to work for you and your family.