A Seattle man who is accused of stealing more than $250,000 from local investors via telephone solicitation is jailed in Washington state. Joshua Ader is charged with several felony counts, including the B felony offense of fraudulent or deceitful acts in the offer or sale of a security and acting as an unregistered broker-dealer and corrupt business influence. Both of those offenses are C felonies.
Ader allegedly solicited investors through cold calls with promises of guaranteed high returns on investments. After piquing a potential investor’s interest, he instructed them to wire him money. To date, his investors have not gotten any return on their investments, nor have they gotten their money back. Ader is believed to have used the funds for personal gain.
The Secretary of State’s office began investigating Ader after a complaint against him was filed with the Securities Division. Investigators learned he was barred from the securities industry in any capacity in 1997. It’s against the law to sell securities without being registered with the Secretary of State’s office.
Secretary of State Connie Lawson credits Pulaski County Prosecutor Daniel Murphy with making the case against Ader. She notes cold calls are a growing trend for scam artists and encourages all Hoosiers to check with her office before investing.
Hoosiers can research securities professionals by calling 317-232-6681 or by looking at the database online at sos.in.gov. For information on how to avoid becoming a victim of investment fraud visit www.indianamoneywise.com.