A former Pennsylvania broker has been charged with stealing $1.2 million in investors’ money to remodel his house and pay other bills, the Securities and Exchange Commission announced Monday.
Bernard M. Parker of Indiana, Pa., is charged with defrauding 22 investors, most of whom were longstanding clients of his, by telling the clients they were investing in real estate tax lien certificates. He promised returns of 6 percent to 9 percent annually. He also has been charged criminally by the U.S. Attorney’s Office for the Western District of Pennsylvania.
The scheme was carried out between 2088 and 2014 through his company, Parker Financial Services. At the time, Parker was a registered representative associated with a dually registered broker-dealer and investment advisory firm to which he did not disclose this side business.