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.
The expert 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 stockbroker misconduct.