Eric Stein, of New York, was recently charged with running an investment
scam related to a newly developed pet-finding service. Stein is accused
of running the investment scam while on supervised release from prison
after a previous conviction on fraud charges. He faces a potential 20
years in prison if convicted on the new charges.
Stein allegedly started the most recent scam in 2007, which was shortly
after his release from prison for the original fraud charges. In this
new scam, investors were allegedly told that their money was going into
distributorships for a new company that would offer pet identification
tags and a 24-hour phone service to help locate lost pets for clients.
The investment plan sounded good to many investors, and Stein brought
in thousands of dollars. Unfortunately, the distributorships were allegedly
fake, and Stein is accused of using false and misleading statements to
lure investors in on the bad deal. According to the allegations, Stein
took in about $500,000 total from investors.
Stein's previous conviction was for an alleged Nevada investment fraud
that took about $34 million from investors. In 2001, Stein pleaded guilty
to 73 charges in total related to the alleged scam, including charges
of securities fraud. He was sentenced to eight years in prison at that time.
securities fraud attorneys with Meyer Wilson represent investors all over the nation in
stockbroker mediation, arbitration, and litigation. We are devoted to helping harmed investors
recover their losses and educating investors about financial fraud and