A former Ohio investment advisor was sentenced yesterday to 262 months in prison for operating a Ponzi scheme that robbed at least 54 investors of $9.3 million, according to the U.S. Attorney’s Office for the Northern District of Ohio.
Raymond A. Erker, 52, of Westlake, Ohio, was found guilty in March of one count of conspiracy to commit mail fraud and wire fraud, one count of mail fraud, three counts of wire fraud, five counts of money laundering and one count of making a false statement under oath. The trial lasted seven days.
His associates, advisor Tara M. Brunst and accountant Kevin M. Krantz, pleaded guilty and were previously sentenced for their roles in the scheme. Brunst was sentenced to six months in a community treatment center and three years of supervised release. She also was ordered to pay more than $300,000 in restitution. Krantz was sentenced to two years of probation and ordered to pay more than $12,000 in fines and restitution.
Erker, according to court documents, owned several investment and asset management companies under the Sageguard Wealth Management brand beginning in 2003. He also formed GenSource Financial Assurance Company in September 2012 and Provident Securities in January 2015.
From January 2013 through July 2018, Erker devised a scheme that stole…
