Eric Erb — Alleged Investment Fraud Scheme
Eric Erb Allegedly Operated a $3 Million Fraud Scheme Purportedly Intended to Defraud Investors through his Babylon-based Investment Advisory Firm; Erb Allegedly Solicited Almost $5.4 Million from Investors
Eric Erb, a former investment adviser from Levittown, New York, allegedly stole $3 million from investors as part of a wire fraud scheme, according to Reports from a Federal Courthouse in Central Islip under review by attorneys Joe Peiffer and James Booker.
Peiffer Wolf securities practice lawyers are investigating Eric Erb’s alleged investment scheme.
Investors who believe they may have lost money in activity related to Eric Erb’s alleged investment scheme are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.
Eric Erb, between January 2016 and February 2017, allegedly solicited nearly $5.4 million from investors, according to Court documents from the case.
Eric Erb allegedly promised to follow the proper instructions when making various investments, including investments in individual retirement accounts, annuities, real estate investment trusts, hedge funds and an initial public offering, according to said Reports. Instead, the Reports note, Erb allegedly decided to invest the monies in other investment vehicles.
Furthermore, Erb allegedly e-mailed investors false earnings statements that made indications that their investments were earning profits when instead they were generating losses, the Reports state. Erb also allegedly made wire transfers between banks in Long Island and Florida to fund investments that investors did not authorize him to make, the Reports state.
Eric Erb Pleaded Guilty to Wire Fraud and Purportedly Faces 20 Years in Prison; Erb Has Allegedly Agreed to Pay Approximately $5.3 Million in Restitution to Purported Victims and to Forfeit $215,000 in Proceeds from the Sale of his former Bay Shore Home
Eric Erb recently pleaded guilty to his alleged wire fraud scheme to defraud investors through his Babylon-based investment advisory firm, according to Reports from the U.S. Department of Justice under review by attorneys Joe Peiffer and James Booker.
Erb is looking at 20 years in prison, and has agreed to pay out approximately $5.3 million in restitution to purported victims of his crime, the Reports note.
In addition, Erb has also allegedly agreed to forfeit $215,000 in proceeds from the sale of his former home in Bay Shore, Long Island in addition to the net proceeds from the sale of his 2004 Porsche 911 and his 25-foot Regulator boat, the Reports state.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Eric Erb’s alleged investment scheme. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Eric Erb’s alleged investment scheme may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at email@example.com or firstname.lastname@example.org.