Cindy L. Lampkins is sentenced to five years behind bars. The Bloomington, Indiana investment adviser stole over $680,000 in retirement money from elderly investors and disabled clients. Lampkins was convicted on count of money laundering and one count of wire fraud.
Lampkins was the VP of Kern Financial Group, which offers financial and insurance services. The investment firm belongs to her and her father.
According to investigators, between 2/10 and 11/13, Lampkins persuaded clients to pay Kern Financial Group for nonexistent products. The Internal Revenue conducted a probe, as did state police, who discovered that Lampkins lied to clients, gave them doctored financial statements, and concealed her actions from them. Investors thought their money was going into annuities with high interest rates or to buy a product that would cover funeral costs in the future.
Clients were bilked of $682,000. Lampkins’ fraud victims included older investors and investors who had disabilities that made it hard for them to comprehend or read the paperwork she sent them. She used the money she took from investors to pay for trips, restaurant bills, business costs, and personal spending. Lampkins’ father, Robert Kern, also is charged with bilking clients. He, too, is accused of spending investor money.
Aside from prison time, Lampkins must pay full restitution to victims and serve supervised release for two years.
Unfortunately, there are financial advisers that seek to bilk the elderly and disabled investors of their funds. If you or someone you love has been the victim of senior financial fraud, please contact Shepherd Smith Edwards and Kantas, LTD LLP today.
Possible signs that financial representative may be defrauding rather than helping an in investor:
· The broker or financial adviser is guaranteeing high returns.
· The investment doesn’t come with the proper documentation.
· Checks are written out directly to the adviser or broker.
· The adviser doesn’t return calls or send financial statements.
For an older person or a disabled investor to lose a lot of money, the consequences can be life-altering. He or she may not have the means or opportunity to make more money, which is why you want to make sure you are represented by a securities law firm that knows how to help you pursue your financial recovery.
Contact our senior fraud law firm today.
Bloomington investment adviser sentenced for stealing from the elderly, IndyStar, April 20, 2016