BROWARD FINANCIAL ADVISOR PLEADS GUILTY TO STEALING OVER $1,135,292 IN CLIENTS FUNDS
Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, Michael K. Fithen, Special Agent in Charge, U.S. Secret Service, Miami Field Office, Duncan Foster, Chief, Coral Springs Police Department, and J. Thomas Cardwell, Commissioner, State of Florida Office of Financial Regulation, announced that financial advisor Shawn Roberts, 52,of Parkland, Florida, pled guilty today to a Criminal Information charging him in one count of mail fraud involving the theft of clients monies.
Sentencing is scheduled for May 20, 2011 before U.S. District Judge James I. Cohn. Roberts faces a maximum statutory sentence of up to 20 years in prison and fine of up to $250,000 and restitution.
According to the Criminal Information and statements made in court during today’s plea hearing, Roberts was a financial advisor at Applied Benefits and Concepts, Inc., in Coral Springs. In this capacity, Roberts handled investments for clients. According to the Information and statements made in court, between 2005 and April 2009, Roberts embezzled more than $1,135,292 that were to be used for investments on behalf of a client. Instead of investing the client’s funds as directed, Roberts prepared and mailed letters to the client falsely stating that the funds were in investment stock portfolios and certificates of deposit. In fact, however, Roberts had used the client’s money for his own benefit.
As part of the plea agreement announced in court today, Roberts agreed to make mandatory restitution of the $1,352,292 to the client victim.
Mr. Ferrer commended the investigative efforts of the Secret Service, Coral Springs Police Department and the State of Florida Office of Financial Regulation. This case is being prosecuted by Assistant U.S. Attorney Jeffrey H. Kay.
A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida at http://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov or on http://pacer.flsd.uscourts.gov.