INDIANAPOLIS– A New Palestine man is facing federal charges after allegedly defrauding clients in a securities and investment fraud scheme that netted him approximately $1.2M.
Bruce Wayne Ford, 47, faces eleven counts of securities fraud, wire fraud and money laundering. He was arrested on Sept. 11.
The U.S. Department of Justice (DOJ) says Ford would use a company, Ford Financial and Insurance Services, in a scheme to transfer funds to his own financial account from clients who thought their money was being invested.
The DOJ says Ford would then use the money for his own personal expenditures.
“The financial investors in this case placed their hard earned money into the hands of someone whom they thought they could trust, oftentimes the majority of their life savings,” said U.S. Attorney Josh Minkler. “Instead, the victim’s money fell into the hands of a thief who cares about no one but himself and his interests. Justice will prevail and hopefully restore some trust back to the victims.”
Local officials say there are things you can do to prevent this from happening to you.
“Ford was not registered to sell securities with the Secretary of State’s office, a basic requirement,” said Secretary of State Connie Lawson. “If one investor had checked his registration, his entire scheme would have crumbled. I encourage everyone to check their investor’s registration prior to exchanging any money. It’s a simple safeguard that could protect your retirement nest egg.”
Ford faces up to 25 years in prison if he’s convicted of his charges.