The owner of a Greenfield insurance and financial business was indicted Wednesday on 11 federal counts of securities fraud, wire fraud and money laundering.
U.S. Attorney Josh Minkler said Thursday that Bruce Wayne Ford, 47, is charged with defrauding clients of $1.2 million in a securities and investment fraud scheme.
Ford, who owns Ford Financial and Insurance Services, 808 E. Main St., Greenfield, was arrested at his New Palestine home on Sept. 11 and had his initial court appearance Wednesday.
Assistant U.S. Attorney Tiffany J. Preston, who is prosecuting the case, said Ford faces up to 25 years in federal prison if convicted.
Investigators say Ford promised his clients he would invest their money but instead wired or transferred their funds to his own financial accounts to use for personal expenditures.
Ford’s case was investigated by the FBI, Indiana Secretary of State’s Office and the Greenfield Police Department.
“The financial investors in this case placed their hard-earned money into the hands of someone whom they thought they could trust, oftentimes the majority of their life savings,” said Minkler in written comments. “Instead, the victim’s money fell into the hands of a thief who cares about no one but himself and his interests. Justice will prevail and hopefully restore some trust back to the victims.”
Two phone numbers listed for Ford Financial and Insurance Services are no longer in use by the business. Public records show Ford started the business in 2005.
Secretary of State Connie Lawson said Ford was not registered to sell securities with the state.
“If one investor had checked his registration, his entire scheme would have crumbled,” she said in written remarks. “I encourage everyone to check their investor’s registration prior to exchanging any money. It’s a simple safeguard that could protect your retirement nest egg.”