Ex-investment adviser gets 5 years for stealing from clients
PHOENIX (AP) — A former securities salesman and ex-investment adviser said to have stolen from his clients’ accounts has been sentenced to five years in prison and ordered to pay $3.1 million in restitution.
Richard Mark Schmerman’s sentencing Tuesday in Maricopa County Superior Court follows his October guilty pleas to fraud and theft charges.
The Arizona Corporation Commission’s Securities Division investigated and the commission revoked Schmerman’s license in 2014.
The state Attorney General’s Office said Schmerman, now 58 years old, impersonated clients to gain access to their investment accounts and use their money to pay his personal expenses, including a single payment of over $400,000 to a civil judgment issued against him.