Joshua Ader will serve six years in the Indiana Department of Correction, followed by eight years of probation. He will also pay $116,000 in restitution to one Pulaski County victim, under the terms of the plea agreement. Ader will also provide the Indiana Secretary of State’s office with information on a co-defendant.
Ader pleaded guilty to securities fraud, acting as an unregistered broker-dealer and corrupt business influence, all of which are C felonies.
Court documents indicate an employee of Ader’s company, Liberty Consulting International, Inc., solicited investors through cold calls with the promise of guaranteed high returns on their investments. He then gave the potential investors instructions as to how to wire him the investment money. The investors never received a return on their investments and were unable to get their money back. Prosecutors allege Ader used money from investors for his personal gain.
The Secretary of State’s Office began investigating Ader after a complaint against him was filed with the Securities Division. They discovered he was barred from the securities industry in any capacity in 1997. It’s a violation of the Indiana Uniform Securities Act to sell securities without being registered with the secretary of state’s office.
Secretary of State Connie Lawson notes cold calls are a growing trend for scam artists. “These predators constantly adapt to take their victims hard earned money in an increasingly bold manner,” Lawson said in a statement. “I commend my team and Pulaski County Prosecutor Daniel Murphy for bringing Ader to justice.”
Securities Commission Alex Glass urges investors to always look into their financial professional’s background before agreeing to any transaction.
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.