John Steven Blount of Lake Charles pled guilty in federal district court to wire fraud in connection with a $5.8 million Ponzi scheme, according to a press release from the U.S. Attorney’s Office for the Middle District of Louisiana.
Mr. Blount had been barred by FINRA from working as a financial advisor in December 2003. Despite FINRA’s action, Blount had been illegally working as an investment advisor and securities broker in southern Louisiana from June 207 to December 2014, according to the complaint against Mr. Blount. According to the U.S. Attorney’s office, Mr. Blount used his company, Professional Consultants, LLC, to solicit investments from 73 customers, who thought they were investing in companies, bonds and IRAs. Instead, Mr. Blount transferred the payments into his own bank account.
The federal district court will sentence Mr. Blount on October 22, 2015. Mr. Blount faces up to 20 years in prison and a $8,390,283.48 fine and restitution to his victims.
Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.