Hamilton County Man under Arrest for Alleged $6 Million Investment Scam
John K. Marcum, 50, and of Hamilton County, Indiana, was arrested on December 4, following action taken by a federal grand jury which indicted him on alleged charges of criminal wire fraud, securities fraud and money laundering, according to reports from Hamilton County.
The reports also allege that John K. Marcum had already been staring down civil charges from the SEC for allegedly defrauding investors of about $6 million in a scheme that reportedly targeted retirement savings.
To add to the woe, the arrest came after the FBI and IRS had been engaged in a joint investigation of Marcum, according to reports. Marcum is now reportedly looking at up to 50 years in prison and fines of more than $5 million if convicted.
Marcum founded the investment firm Guaranty Reserves Trust LLC in 2010, running out of the Indianapolis area.
The SEC reports that Marcum, who founded the investment firm Guaranty Reserves Trust LLC in 2010, running out of the Indianapolis area, assisted investors to set up fee free individual retirement accounts and gained control over their retirement assets.
The SEC notes that Marcum implied that he would earn big returns for them by day-trading in stocks whilst also guaranteeing the safety of their principal investment. The SEC reports, however, allege that Marcum did little actual trading, and actually lost money when he did.
Marcum also allegedly solicited millions of dollars from 16 investors from 2010 to 2013, according to the U.S. attorney’s office.
In addition, Marcum allegedly told investors that he represented celebrity clients and traded very conservatively. He also reportedly used much of the investment money to finance a personal line of credit, on risky start-up ventures, cars, vacations and gifts.
Investor Rights Lawyers Investigating
The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of investment misconduct, and are assisting any victims with the recovery of losses they may have suffered. 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 investment misconduct may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.