Former Voya broker Martin Stancik was hit with a criminal complaint that he allegedly committed mail fraud and aggravated identity theft. He is also accused of defrauding his clients out of $543,369.
Former clients of Martin Stancik claim that the Ohio broker licensed to sell insurance and annuity products stole their money when they believed he was purchasing annuities and life insurance policies on their behalf. On June 8, 2017, acting U.S. Attorney David A. Sierleja charged Martin Stancik with mail fraud and aggravated identity theft after an investigation by the Federal Bureau of Investigation (FBI).
According to the criminal complaint, Martin Stancik devised schemes starting in May of 2003 and continuing until 2016 to defraud and steal from his clients. The U.S. Attorney alleges that Martin Stancik presented false documents to his clients claiming that they were investment contracts for an annuity that did not exist.
He also allegedly caused investment checks to be deposited in his own account, and used the proceeds for his own personal benefit. Martin Stancik also told clients that he would purchase certain life insurance policies for them, but actually purchased cheaper policies and pocketed the difference, according to the criminal complaint.
In addition, the U.S. attorney also alleges that Martin Stancik stole a client’s identity in May of 2012 and in November of 2013.
Martin Stancik has been licensed to sell insurance and annuity product since 1971. He has been employed by MONY Life Insurance Company and AXA Equitable Life Insurance Company in New York, and Voya Financial, Inc. in Ohio. He was also self-employed and worked under the company name Many Plans Service Company.
In 2004, a client alleges that Martin Stancik sold her investment products that were more conservative than she instructed in order to maximize his commission. The dispute was settled for $18,426. In 2006, another client alleged that Martin Stancik sold him a life insurance policy he said would pay $300-$400 a month at age 62, which Martin Stancik denied.
Wire and mail fraud are schemes to defraud others using the postal system, phone lines or other electronic communication lines. Mail and wire fraud are federal crimes because they use federal government systems to commit a crime.
Allegations of mail or wire fraud may mean that someone has allegedly devised a scheme with the intent to defraud others and use mail or wire communication systems to commit that fraud. Wire and mail fraud are almost always schemes to steal money from others.
Those convicted of mail and/or wire fraud face up to 20 years in prison and heavy fines. Wire fraud convictions bring heavier sentences if the accused defrauded a financial institution.
If you believe you were the victim of stockbroker misconduct, the experienced attorneys at Meyer Wilson can help you recover your losses. Contact us today for a free and confidential case evaluation.