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Betrayal, fraud and loss

Lexington baseball fans might well be familiar with the five-hour drive northeast to the sport's sacred Hall of Fame in Canton, Ohio. A few days ago, an investment broker there was sentenced to 12 years in prison after he pled guilty to 135 charges of securities and investment fraud.

The 57-year-old is said to have bilked approximately $500,000 from more than two dozen investors, including the Catholic church where he was a parishioner for years. A prosecutor said it's difficult to say exactly how much money was lost and how many people lost investments in the scheme.

The defendant was convicted of a slew of charges, including 11 first-degree felonies and 15 second-degree felonies. His crimes included commission of prohibited securities acts, unregistered sales of securities, the fraudulent sale of a security, theft from an elderly person, grand theft and theft.

A TV station report on the case said included 19 convictions on securities fraud charges, as well as 72 counts of publishing false investment statements. The man was also found guilty of 19 counts of peddling unregistered securities.

A spokesperson for the church said that people there feel betrayed and that every financial aspect of the institution has been damaged by the fraud. "The things that used to be routine are now a struggle," the spokesperson told a newspaper.

An experienced securities fraud attorney helps clients recover investments lost to broker misconduct that can include churning, unauthorized transactions, excessive mark-ups and Ponzi schemes. The skilled lawyers of Mihalek Law will discuss with you the details of your case.

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