Randell E. Morrison of Fort Wayne has been charged with seven counts of
securities fraud and one count of corrupt business influence for his alleged
role in cheating investors out of $800,000 between 2005 and mid-2010,
according to a September 16 The News-Sentinel article.
The charges come on the heels of a cease-and-desist order against Morrison
and his businesses (Innovation Brokerage Management and Research and Development
Management) issued last week by Indiana Secretary of State Todd Rokita.
According to prosecutors, Morrison failed to disclose pertinent information
and misrepresented information regarding financial instruments to investors
on several occasions. The law required Morrison to be registered as a
broker-dealer and register any promissory notes issued by him. Prosecutors
claim he did neither.
If convicted, Morrison faces a potential two-to-eight year prison sentence
for each of the Class C felony charges against him. He may also face civil
lawsuits, civil penalties, and a permanent bar from the securities industry.