A South Bend man was sentenced to more than 10 years in prison and ordered to pay nearly $2 million in restitution by a United States District Court on Tuesday.
Sven Eric Marshall, Jr., 64, pleaded guilty to mail fraud, securities fraud, and bank fraud. He was convicted of operating a Ponzi scheme from 2003 to 2017 and stealing money from his late clients’ estates.
The United States Attorney’s Office Northern District of Indiana said Marshall used his investment business Trust and Investment Advisory Services of Indiana, Inc. to defraud investors by paying their returns with other people’s investments.
Marshall used some investment money to pay for personal expenses. Overall, he stole more than $730,000 from 16 investors over the course of 14 years.
A press release from the United States Attorney’s Office said many of his victims invested their life savings in Marshall’s business and encountered extreme hardship after their money was stolen.
Marshall also worked as an attorney specializing in wills, trusts, estates, and elder law. He used his law practice to embezzle more than $1.3 million from seven clients trying to finalize their estates and wills. The beneficiaries never received the money they were due because Marshall spent it on personal and business expenses.
The press release said defrauded beneficiaries…
