Robert G. Bard, of Warfordsburg, Pennsylvania, was recently arrested for his part in an alleged securities fraud scam. The indictment, unsealed after Bard’s arrest, included counts of securities fraud, investment adviser fraud, mail fraud, bank fraud, wire fraud, and making false statements to investigators.
According to the indictment, Bard took in more than $3 million from at least 43 different investors through his Vision Specialist Group, which operated in West Virginia and Pennsylvania. Bard allegedly misrepresented the investments and failed to disclose important information to his investors. Bard also allegedly sent out fake account statements to investors in an attempt to hide substantial losses. He is believed to have sustained the losses in speculative and risky investments made on behalf of his clients, who allegedly were unaware of the risks.
This is apparently not the first time Bard has been in trouble. He was reportedly fired from a previous position as a stockbroker after forging investor signatures and declared bankruptcy in 2005, but it is alleged that he did not disclose that history to his investors with Vision Specialist Group.
If convicted on the current charges, Bard could face decades in prison in addition to significant fines and other penalties.
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