Gary Snisky is the supposed ringleader of the investment scheme, operating out of his company Arete, LLC. The SEC believes that the scheme potentially defrauded up to 40 elderly investors, costing them $4.3 million in losses over the course of a year-and-a-half.
Snisky and his recruits reportedly lured investors by guaranteeing returns on their "government-backed" investments, but instead, spent their hard-earned money on his mortgage and his employees' commissions.
In addition to Snisky, the agents under investigation are:
- Kenneth C. Meissner of Texas
- James Doug Scott of Pennsylvania
- Mark S. Tomich of Michigan
- David C. Sorrels of Texas
Brokers should not and cannot guarantee returns. Please refer to our Signs of Elder Investment Fraud resource so you can detect if this is happening to your loved one.
If you or someone you love has become the victim of investment fraud and lost a substantial amount of money, contact a securities fraud lawyer at Meyer Wilson today to discuss your case.