Michigan Investment Advisor Loses License; Accused of Investment Scam
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.