A Hamilton County man who posed as a money manager to solicit money from would-be investors was sentenced Thursday to 30 months in prison and ordered to pay $86,000 in restitution to two victims.
The Secretary of State's office said Steven Garland pleaded guilty to two felony counts of the Securities Fraud. He was ordered to serve two years on probation after spending two-and-a-half years in the Department of Correction.
Garland falsely claimed to be the director of commodities trading at Goldman Sachs and solicited investment money from his victims, saying he would invest it on their behalf. But Garland did not work at Goldman Sachs, nor was he a registered broker, and he pocketed the money instead of investing it.
He was caught last year when a suspicious investor contacted Goldman Sachs and found out Garland did not work for the company.
“Investors should always look into their financial professional’s background before agreeing to any transaction,” Indiana Securities Commissioner Alex Glass said in a written statement. “The Secretary of State’s website allows Hoosiers to research their financial professionals with a simple search or you can call the office and we will happily look up records for you. I encourage all Hoosiers to do a little research before making any investments. It could save you a lot of time, money and heartache.”