Former financial advisor Eric Erb has been suspended by FINRA for 18 months and fined $20,000. According to the regulator, Erb committed a number of fraudulent acts, including photocopying signature pages to open customer accounts and forging the signatures or initials of additional customers. Erb has also been the subject of multiple customer disputes alleging that he used the forged signatures to misappropriate client funds.
In addition to the fines and pending disputes, Erb was also sentenced to 57 months behind bars in April 2018 after he pleaded guilty to wire fraud connected to a scheme in which he defrauded investors. He is also required to pay $5.3 million to the victims of his misconduct along with a $5.3 million forfeiture judgment. He must also hand over $215,000 of the proceeds he earned from selling his former home in Bay Shore, New York.
Did You Suffer Financial Losses While Working with Eric Erb?
If you think you lost money while investing with Erb, contact our investment fraud attorneys at Meyer Wilson today. Give our office a call at (800) 738-1960 for a free case evaluation.
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