An investment advisor in Kalamazoo, MI was charged with wire fraud May
16th in Grand Rapids. Joseph Fabian, the former owner of Fabian and Associates,
LLC, allegedly took $4.3 million from clients in an
investment scam. He also owns American Surplus Salvage, which is based in Kalamazoo.
One client, Diane Wieandt of Kalamazoo, supposedly lost $300,000 in the
alleged fraud. There are said to be many other clients also involved in
the case. Officials report that Fabian allegedly told victims that he
would be investing their money in bank certificates of deposit, but actually
pocketed the money for himself.
These charges come after several other allegations. It was reported in
November of 2010 that Fabian had lost his license as a financial advisor
in 2009, but continued to act as a licensed financial advisor. Not long
after, in January 2011, Fabian was under investigation for possible embezzlement.
Fabian could face 20 years in prison if convicted of felony wire fraud.
If you have lost money in an investment fraud scheme, you need the experience
and attention the investment fraud attorneys at Meyer Wilson offer. We are
securities fraud attorneys who represent clients all over the nation in
stockbroker mediation, arbitration, and litigation. Contact us today, or use the confidential
online contact form at the top of this page.