U.S. Attorney Joe Hogsett charged an Indianapolis financial advisor with stealing money from elderly investors. Last Friday, Kevin James was sentenced to a federal prison term after he was found guilty of stealing more than $1.35 million. As part of his sentence, James has also been required to pay back the $1.35 million he stole from investors.
James had been working in the investment advising industry for more than three decades. James stole investors' money under the guise of a fraudulent company he set up out of his home called Financial Security Program ("FSP Investment"). The IRS came out and said that FSP Investment was not a legitimate or registered company. James lured investors by promising high returns on investment and used his position of trust in the industry to steal millions.
James used the money he took from the elderly investors to pay for things like a country club membership, his mortgage, private school for his children, and tickets to NFL games.
In a statement, Hogsett said, "Stealing the hard-earned money that Hoosiers plan to retire on is inexcusable." Even after James is released in ten years, he will continue to be under the supervision of the court.
In addition to defrauding this group of elderly investors, James ran a second investment scheme involving a family's life insurance policy. James told the family that in order to receive the proceeds owed to them, they had to pay James more than $10k, which they did.
Did you invest your money with Indianapolis financial advisor Kevin James? If you lost a substantial amount of money through investing with James or his fraudulent company, FSP Investment, contact a securities litigation attorney at Meyer Wilson today for a free consultation.