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Justice News

Department of Justice
U.S. Attorney’s Office
Northern District of Ohio

FOR IMMEDIATE RELEASE
Friday, June 9, 2017

Parma Heights financial advisor charged with stealing $543,000 from clients through identity theft

A Parma Heights financial advisor was charged in federal court for defrauding clients out of more than a half-million dollars, said Acting U.S. Attorney David A. Sierleja and FBI Special Agent in Charge Stephen D. Anthony.

 

Martin R. Stancik, 67, was charged by information with one count of mail fraud and one count of aggravated identify theft said

 

Stancik, a financial advisor, stole money his clients believed he would use to purchase annuities and life insurance policies on their behalf. Stancik then used the stolen funds for his own personal benefit, according to the information.

 

Stancik also stole a client’s identity by taking out a loan against his client’s life insurance policies, without his authorization or knowledge, by forging his client’s name and depositing the loan proceeds check into Stancik’s own bank account. Stancik created false documents purporting to be account statements for policies he never purchased, but nevertheless provided to his clients so they believed the policies existed, according to the information.

 

The total loss associated with Stancik’s conduct is approximately $543,369, according to the information.

 

If convicted, the defendant’s sentence will be determined by the court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense and the characteristics of the violation. In all cases, the sentence will not exceed the statutory maximum and, in most cases, it will be less than the maximum.

 

The case is being prosecuted by Assistant U.S. Attorney Adam Hollingsworth following an investigation by the Federal Bureau of Investigation.

 

An information is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.

Topic(s): 
Financial Fraud
Identity Theft
Component(s): 
Contact: 
Mike Tobin 216.622.3651 michael.tobin@usdoj.gov
Updated June 9, 2017