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Charges filed in fraud scheme targeting elderly victims
Start Date: 4/1/2013 All Day
End Date: 4/1/2013
Entry Description

Financial advisor accused of defrauding victims using shared religious beliefs

 

INDIANAPOLIS (April 1, 2013) — Marion County Prosecutor Terry Curry announced today that the Marion County Prosecutor’s Office has filed charges against Thomas Redmond, Jr., related to a financial fraud scheme that defrauded 10 victims, nine of whom were elderly, out of more than $580,000. Redmond is charged with eight counts of Securities Fraud, a Class B Felony, and two counts of Securities Fraud, a Class C Felony. The charges are the result of an investigation conducted by Indiana Secretary of State Connie Lawson’s Securities Division.

 

“The damage caused by scam artists is permanent and devastating, and this case illustrates again why we must vigorously pursue those who prey upon vulnerable victims,” said Prosecutor Curry. “We appreciate our partnership with the Secretary of State in prosecuting these securities crimes.”

 

“This case is particularly devastating as it involves the most trusting of victims: elderly widows who knew Redmond through church and a pair of missionaries who spent their life’s work overseas counseling survivors of Auschwitz,” said Secretary Lawson. “These Hoosiers, who thought they were making sound investments, have lost their life savings.”

 

Pursuant to the affidavit for probable cause, Redmond was a financial advisor who admitted to investigators that he began taking client funds for his own personal use in 2004.  He allegedly used shared Christian beliefs to secure and maintain the trust of several of his victims.

 

Starting in 2004, Redmond allegedly operated a scheme in which he solicited investment funds from existing and new clients. He told those clients that he would invest the funds for them in various securities, but would instead deposit the funds into his personal account and use the funds for his personal living and business expenses. He concealed the misappropriation of his clients' funds by sending them fraudulent statements that he prepared, which purported to show the returns on their investments. He also made payments back to some of his clients, often through funds taken from other victims as is typical in a "Ponzi" scheme.

 

Redmond was permanently barred from selling securities by the Financial Industry Regulatory Authority in 2011, but failed to inform his clients or his employer that his license to sell securities had been revoked and continued to facilitate transactions.

 

A charge of a crime is merely an accusation, and the defendant is presumed innocent until and unless proven guilty.
Contact Information:
Name: Valerie Kroeegr
Phone: 233-8655
Email: vkroeger@sos.in.gov
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