Jacko Law Group, PC
Call Today for a Consultation
San Diego 619-298-2880 San Francisco 415-766-3599 Los Angeles 213-631-2549

Pennsylvania Advisor charged with $2.5 million Fraud

RoundIcons-Free-Set-11Patricia S. Miller (“Miller”), a former representative of Investors Capital Corp. (“ICC”) and Janney Montgomery Scott (“Janney”), was indicted on charges of orchestrating a $2.5 million fraud of 20 clients beginning in 2002. According to the Criminal Complaint issued by the United States District Court for the District of Massachusetts, Miller perpetuated the fraud by promising clients high yields from participating in investment clubs. Miller then misappropriated the funds and allegedly used the funds to gamble, write checks to herself, buy groceries, pay utility bills and make loan payments. In May 2014, Miller was interviewed by ICC personnel regarding a customer complaint. During the inquiry ICC uncovered computer and paper files containing what appeared to be fake account statements and other evidence relevant to the investigation. Eventually, Miller provided the representatives with a list of clients she had defrauded including the amounts of their investments. She also later signed a document from ICC stating that she “induced individuals to invest, promising high returns, when in fact, the money was never invested.” ICC’s attorney said that while ICC is conducting its own investigation, ICC also reported Ms. Miller to the U.S. Attorney’s office.Miller has been charged with five (5) counts of wire fraud and if convicted “faces a maximum sentence under the statute for each count of wire fraud of 20 years in prison, three years of supervised release, and a $250,000 fine.”Brokerage firms should have adequate supervisory policies, including investigation procedures, in place to detect ‘red flags’ of potential misconduct of its registered representatives. For further information on this and other related subjects, please contact us at [email protected] or (619) 298-2880.

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Email us to request more information or to schedule an appointment.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

San Diego Office
1350 Columbia Street
Suite 300
San Diego, CA 92101

Toll Free: 866-497-2298
Phone: 213-631-2549
Phone: 619-298-2880
Fax: 619-298-2882
Map & Directions

San Francisco Office
Four Embarcadero Center
Suite 1400
San Francisco, CA 94111

Phone: 213-631-2549
Phone: 415-766-3599
Fax: 619-298-2882
Map & Directions

Los Angeles Office
535 N. Brand Boulevard
Suite 270
Glendale, CA 91203

Phone: 213-631-2549
Fax: 619-298-2882
Map & Directions