Ex-Advisor Gets 22 Years in Prison for Fleecing Investors of $9 Million

Ex-Advisor Gets 22 Years in Prison for Fleecing Investors of $9 Million
·3 min read

A former financial advisor was sentenced to nearly 22 years in prison for operating a Ponzi scheme that swindled $9.3 million from investors, according to the U.S. Attorney’s Office for the Northern District of Ohio. Over a five-year period, Raymond Erker sold to at least 54 clients investments that he misrepresented as annuities and secured notes; the investments purportedly were low risk and had guaranteed returns. In reality, Erker and two co-defendants diverted client funds to their personal bank accounts and companies they controlled.