Indiana Resident Thomas Redmond Charged by Prosecutors with Defrauding Elderly Investors

Thomas Redmond, a Carmel resident, was charged by Marion County prosecutors of defrauding elderly victims out of $580,000 through a financial fraud scheme. Adding insult to injury, Redmond apparently met his victims through a local church, and used his religious conviction to persuade investors to purchase securities products through him.

As reported by the NBC News, Marion County, Indiana Prosecutor Terry Curry filed securities fraud charges against Redmond. As stated by Prosecutor Curry, "The damage caused by scam artists is permanent and devastating, and this case illustrates again why we must vigorously pursue those who prey upon vulnerable victims." The Financial Industry Regulatory Authority ("FINRA") permanently barred Redmond from selling securities in 2011; however, he apparently continued the scheme up until his last employer, Provident Capital Management, fired him in 2012.

Based on an investigation, prosecutors believe investors' funds were never invested, but rather, were misappropriated by Redmond into his personal accounts. Many of his victims appear to be church members who counseled Auschwitz survivors for years. This case is yet another example of unscrupulous individuals taking advantage of vulnerable segments of society.

The scheme employed by Redmond, was perpetrated while he was a broker-dealer for Faith Financial Planners, Velocity Wealth Management, and Provident Capital Management Inc., and reportedly began in 2004. It appears Redmond went so far as to fabricate fake financial statements and updates to clients.

If you believe you may have been a victim of Redmond's scheme, please contact Block& Landsman so we may discuss potential legal options with you.