Authorities in Alabama announced the arrests of two Florida residents in an alleged scheme to bilk an elderly couple out of nearly a quarter million dollars, according to InsuranceNewsNet.
Allen and Connie Stanko, both 56 years old, were each charged with financial exploitation of the elderly. According to an indictment by a Marshall County grand jury, the Stankos obtained over $243,000 from an Alabama couple in 2018 by telling them their money would be invested in real estate through Big A Roofing and Siding.
Instead, prosecutors said the Stankos used the couple’s money for personal and unrelated expenses, and the investors did not receive a return of their principal and the interest they were promised. Allen Stanko was not registered with the Alabama Securities Commission to offer or sell the investments, and the securities were not registered with the ASC.
In addition to the financial exploitation charge, Allen Stanko was charged with two counts of securities fraud and two counts of securities registration violations, while Connie was charged with conspiracy to commit securities fraud.
Allen turned himself in to the Marshall County Sheriff’s Office last month and was released to the Cullman County Sheriff’s Office on unrelated charges. Connie was arrested last month by the Palm County Sheriff’s Office.
Lewitas Hyman routinely represents investors harmed when financial professionals and their firms engaged in misconduct that caused their clients investment losses. We bring a unique level of knowledge and experience when representing the rights of investors, including resolving cases through arbitration and litigation when necessary. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Lewitas Hyman at (844) 651-2643 or through our online contact form for a no-cost evaluation of your matter.