Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Man Pleads Guilty in Annuities Ponzi Scheme

Richard Saunders, formerly of St. Louis, Missouri, has pleaded guilty to an investment fraud scheme that was perpetrated through Advisors Capital Holdings. The alleged scheme was based on offshore annuities.According to the allegations, Saunders offered investors guaranteed returns on the annuities, but the investments were fictitious. Saunders is said to have kept up the appearance of legitimacy by taking in money from new investors to pay off prior investors in the Ponzi scheme. The scheme ran from 2002 to 2008, when Saunders failed to pay investors and moved to Thailand. He was later deported, and he returned to the United States earlier this year. Saunders pleaded guilty to one count of wire fraud, and he additionally pleaded guilty to a felony count of tax evasion. His sentencing is scheduled for February 2nd, 2012. The FINRA lawyers with Meyer Wilson represent victims of Ponzi schemes in stockbroker mediation, arbitration, and litigation. We have recovered millions of dollars in losses for approximately 1,000 investors, and we look forward to working with you.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram