Last month, we posted a blog on former LPL Financial broker Charles Caleb Fackrell, who was facing charges amidst allegations of him selling sham investments to clients in a Ponzi scheme.
Earlier this week, Fackrell pleaded guilty to securities fraud charges for allegedly operating the $1.4 million Ponzi scheme. The alleged violations began in about May of 2012 and continued until December 2014. According to court documents, Fackrell allegedly solicited at least 20 clients, using his position of trust to sell securities in various entities that he owned and controlled, including “Robin Hood, LLC,” “Robinhood LLC,” “Robinhood Holdings, LLC,” and “Robin Hood Holdings, LLC.” He allegedly told investors that the entities were safe and that they would receive returns of roughly 5-7%. Fackrell was accused of using the investors’ money on his own expenses instead of investing it as promised.
Court records also show that Fackrell allegedly requested that a third party destroy documents and a computer that were associated with the supposed Ponzi scheme.
A sentencing date has not yet been set, but he faces up to 20 years in prison and a fine of $5 million.
Meyer Wilson is still investigating these allegations and we want to help victims of the alleged Ponzi scheme. If you invested with former LPL Financial broker Charles Caleb Fackrell, call our securities fraud lawyers today. We may be able to help you recover your losses.
We offer free consultations so you can confidentially discuss your options.