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

Vermillion, OH Man, Richard A. Zakarian, Charged in Self-Directed IRA and Payroll Retirement Money Investment Scam

Lorain Financial Consultant Charged with Stealing More Than $1M From Clients

A Vermilion certified financial planner and self-employed tax preparer has been charged with defrauding approximately 25 clients out of their retirement savings in an alleged investment fraud scheme involving self-directed IRAs.

According to authorities, Richard A. Zakarian used a variety of misrepresentations to gain access to more than $1 million of his clients’ retirement savings. Zakarian allegedly told the investors their funds would be placed in safe investments that guaranteed returns. Many investors believed they were investing in companies that offered self-directed IRAs.

Instead of doing as promised, however, authorities say Zakarian invested some of the retirement funds in risky ventures and diverted the remainder for his personal use.

Prosecutors also allege that Zakarian targeted clients from his tax preparation business whom he “knew to have available funds and to be vulnerable to his pitch through their lack of financial sophistication and/or prior relationship of trust in him.”

In addition to operating the investment fraud scheme, Zakarian has been charged with defrauding dozens of his clients, including charities, churches, schools, and homeless shelters, in a multi-million-dollar payroll scheme.

“Zakarian devised the scheme in hopes of raising money to be able to pay victims of his investment fraud scheme,” stated the U.S. Attorney’s Office for the Northern District of Ohio. “He hoped to generate large, quick profits, which he would use to cover his operating expenses, repay his investment clients, pay his clients’ employment taxes and have money left over; instead, he consistently lost money.”

To learn more about Zakarian's investment fraud case, click here.

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

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

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

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

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