Former Westlake investment advisor Raymond A. Erker, 52, of Avon, was sentenced Aug. 7 by U.S. District Judge Dan Polster to nearly 22 years in prison following his conviction at trial of stealing more than $9.3 million from clients in a Ponzi scheme.
A restitution hearing concerning this matter was scheduled for Dec. 9, according to a news release.
“Mr. Erker misled, cheated and conned over fifty victims, many of them elderly, into trusting him with their life savings and hard-earned retirement funds, all for guaranteed rates of return and low-risk investments that were fabricated,” said First Assistant U.S. Attorney Michelle M. Baeppler, in the release. “Instead, Erker squandered the money he was entrusted with and caused financial ruin and pain for many.
“Now, thanks to the work of law enforcement, Mr. Erker must repay his debt to these victims and our community.”
“Be suspect of anyone who guarantees that an investment will perform a certain way, because all investments carry some degree of risk,” said Ohio Securities Commissioner Andrea Seidt, in the release. “Investors need to ask lots of questions and do extra research.
“Investors can call our Investor Protection Hotline at 877-683-7841 to find out if the person is licensed to sell securities and if the product is properly registered.”
According to court documents and evidence presented at trial, from January 2013 through July 2018, Erker devised a scheme that stole $9,366,976 from at least 54…
