Georgia Investment Adviser Misappropriates $2 Million from Widows

Blake B. Richards, a 36-year-old investment adviser from Buford, Georgia, allegedly "misappropriate[d] approximately $2 million from at least six individuals" according to a claim brought forth by the SEC.

Beginning in 2008, the SEC claims that Richards formulated several fraudulent schemes to embezzle money from clients, including two elderly victims who were attempting to roll over their retirement accounts.

Working under a separate company registered to his name, Richards allegedly had his clients write checks out to "Blake Richards Investments" or "BMO Investments" and would keep the money for himself. In one instance, Richards classified himself as an “Accredited Asset Management Specialist,” which was completely false.

Most of the money stolen consisted of retirement or life insurance proceeds from the victims’ deceased spouses. As a result, the SEC seeks to have "his assets frozen, disgorgement, penalties and an injunction."

See SEC Says Adviser Stole From Widows, Courthouse News Service, May 24, 2013.