In an article posted in the Indianapolis Star yesterday, Thomas Redmond Jr., was convicted on securities fraud charges, and sentenced to four years in prison followed by six years on work release. Redmond was placed in handcuffs and taken to the Marion County Jail.
Thomas Redmond, 61, was charged in April on 10 counts of securities fraud. Prosecutors in the case say Redmond used his friendly personality and Christian faith to swindle 10 people out of more than $580,000. The victims were retirees, widows and a missionary couple who had been using their savings to give humanitarian aid to Holocaust survivors in Israel.
“My pride ruled the day and I could not look in the mirror and say I failed,” Redmond told his victims as he addressed the court. “I panicked. I made selfish, terrible decisions.”
One of the victims, Fran Scowden, 82, met Redmond in 2006 and trusted him with nearly $50,000 of her investment nest egg.
Another victim, Dennis Brinkerhoff, 56, testified that Redmond’s crimes forced he and his wife to give up their work as missionaries aiding Auschwitz survivors. The couple invested about $172,000 with Redmond.
Redmond allegedly began the scheme in 2004 while he served as a broker-dealer for Faith Financial Planners, Velocity Wealth Management and Provident Capital Management. Instead of Redmond investing clients’ money in securities, he deposited money into his bank account and used it to pay his monthly rent of $2,400, and other personal expenses.
Redmond provided most victims with fake financial statements and regular updates showing profits. Prosecutors say he paid cash to some victims with deposits from other victims.
The Financial Industry Regulatory Authority (FINRA) discovered the scheme and in 2011, and permanently barred Redmond from selling securities. He continued to sell securities without telling victims or his employer. His last employer, Provident Capital Management in Carmel, fired him in 2012.
If you know a senior or other inexperienced investors who have experienced financial losses due to their stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
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